But I have to emphasise that one thing remains unchanged, and that is Singapore’s commitment to promoting the growth of the Asian Dollar Market, and the international business of banks based in Singapore. Establishment of Financial Centre Advisory Panel (FCAP) 26. Indeed, a strong partnership between the MAS and industry leaders and practitioners has been key to the development of Singapore’s financial sector, and how we got to where we are today. It will be even more important in the coming years, with changes accelerating in the financial world. 27. MAS will therefore strengthen its dialogue with the financial industry. We will set up a Financial Centre Advisory Panel (FCAP) comprising senior leaders from the banking,  1  For example, as a D-SIB, the foreign bank will be required to conduct recovery and resolution planning to reduce the potential for failure and promote their resolvability for an orderly winding-down. BIS central bankers’ speeches  3  insurance and asset management industries. The Panel will provide guidance in two broad areas: •  First, overall financial sector developmental strategies. Industry leaders and experts will provide advice on opportunities across the various financial activities, and propose initiatives to ensure continued vibrance in Singapore’s financial centre. This includes building synergies across different activities – for example, spurring the development of the capital markets by building on the asset management sector to catalyse equity, fixed income and FX trading activities. •  Second, we have to build deep skills and expertise relevant to the future and harness technology.

They recognise and support our desire to develop deep skills and a strong pipeline of Singaporean talent, as part of a vibrant and competitive global financial centre. It is in our collective interest that we do this, and in the interests of each financial institution over the long term. 33. As part of the national SkillsFuture effort, MAS in partnership with the industry and educational and training institutes is now embarking on further initiatives. We will strengthen support for every finance professional to learn continuously, develop his or her expertise, and have a good career. This includes developing Singaporean leaders in finance, with the capabilities to take on responsibilities in Asia and further afield. Continual Learning and Deepening Specialist Skills 34. Let me describe these initiatives briefly, starting with our efforts to promote continual learning and to develop deep pools of financial sector expertise in Singapore. Finance Scholarship Programme (FSP) 35. First, under the Finance Scholarship Programme (FSP), MAS supports early-career Singaporeans in developing specialist capabilities through post-graduate studies. This includes specialisations in quantitative finance, risk management, actuarial science and specialty insurance, and emerging priorities such as cyber security, data analytics and fraud risk detection. Since the scholarship’s inauguration in 2006, more than 150 FSP scholarships  4  BIS central bankers’ speeches  have been awarded. MAS will provide 30 scholarships per year to add to the pipeline of specialist talents in the financial sector. SkillsFuture Study Awards 36. Second, MAS will offer up to 70 SkillsFuture Study Awards each year for financial sector professionals.