The Monetary Authority of Singapore has set up an panel to advise it about international developments in FinTech and ways in which Singapore's financial sector can harness new technology.

The ITAP comprises chief innovation and science officers in major financial institutions, 'fintech' business leaders, venture capitalists and luminaries of technology and innovation. It has already met for the first time, with deputy prime minister (and chairman of the MAS) Mr Tharman Shanmugaratnam in attendance.

The meeting discussed emerging trends in FinTech and explored the wider applications of decentralised systems such as blockchains and new business models in areas such as retail and corporate banking, wholesale markets and insurance.

The ITAP has also held four panel discussions in front of more than 500 financiers, academics and university students. It discussed the effect of blockchains, wearables and telematics on the financial services industry, along with new business models for banking and fixed-income and foreign exchange markets.

The ITAP will convene again in 2017 and future meetings will take a similar form.