The Monetary Authority of Singapore (MAS) has formed a Cyber Security Advisory Panel (CSAP) that will advise the regulator on how to strengthen the cyber resilience of the country’s financial services sector.

The panel will advise the regulator on evolving technologies and cyber threats and their effect on the financial system. It will also outline cyber security’s best practices.

The panel will include cyber security thought leaders from across the globe, with members to serve a two-year term. CSAP will hold its first meeting next month.

MAS managing director Ravi Menon said: “As financial institutions adopt new technologies and financial services are increasingly distributed using digital platforms, strong cyber security is critical to sustaining trust and confidence.

“We look forward to tapping on the CSAP’s expertise to help ensure that Singapore’s financial sector remains dynamic and secure in an increasingly digital world.”

Last year, MAS created an International Technology Advisory Panel (ITAP) that was formed to advise the regulator on international developments in fintech.