The Monetary Authority of Singapore (MAS) has announced that it has added leaders in the blockchain industry to its 15-member International Technology Advisory Panel (ITAP).

According to the official release, the ITAP comprises of key leaders in the blockchain industry including Blythe Masters, CEO of Digital Asset Holding; Daniel Gallancy, CEO of SolidX; Tim Grant, managing director of R3CEV. The panel also includes other chief innovation and science officers in major financial institutions, fintech business leaders, venture capitalists and thought leaders in technology and innovations.

The panel aims to advise MAS on international developments in fintech industry and how Singapore can harness new technologies in order to improve the provision of financial services. ITAP’s first meeting was held last Tuesday and was attended by Chairman of MAS Tharman Shanmugaratnam and other senior MAS officials.

“We had a fruitful meeting this morning. The ITAP has provided us with useful ideas on how we can promote both competition and collaboration in the technology space to provide cost-efficient financial services to individuals, SMEs, and corporate. This in-depth discussion with global leaders in innovation marks another step in the ongoing journey by the MAS and the financial industry in Singapore to create a smart financial centre – one that harnesses technology to increase efficiency, manage risk, create new opportunities, and improve the welfare of Singaporeans,” Ravi Menon, managing director of MAS said.

The first meeting explored the wider applications of decentralized systems like blockchain and new business models in industries including retail and corporate banking, wholesale markets and insurance. It also discussed the emerging trends in fintech industry and highlighted the significance of regulatory regime that enables innovation and adoption of new technologies by maintaining trust and confidence.

ITAP had four panel discussions that focused on the impact of emerging technologies like blockchain, wearables, and telematics on the financial services industry. The panels witnessed over 500 industry professionals, academics, and university students.

Earlier this month, MAS announced that it will organize ‘The Singapore FinTech Festival’, a weeklong event from 14 to 18 November 2016. The festival will bring together the global financial community, to a series of back-to-back fintech events and aims in providing a platform for collaborations, connections, and co-creations within the fintech ecosystem in and around Singapore.