The Basel Committee on Banking Supervision has decided to broaden its membership as it seeks to reform the global financial system.

The committee said that it will invite representatives from the G20 countries that are not currently in the Basel Committee to become members of the group, including: Argentina, Indonesia, Saudi Arabia, South Africa and Turkey. Additionally, Hong Kong and Singapore have also been invited to join.

The committee said that the newly expanded membership will enhance its ability to carry out its core mission to strengthen global supervisory practices and standards. It will also help to more effectively implement the necessary reforms of the international financial system.

The Basel Committee’s governing body will also be expanded to include central bank governors and heads of supervision from these new members.

With its current expanded membership, the committee is now comprised of representatives from Argentina, Australia, Belgium, Brazil, Britain, Canada, China, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey and the U.S.