The Monetary Authority of Singapore, the country's financial regulator, has made changes to its senior management ranks, all of which shall take effect 1 February 2011.

Lee Chuan Teck will become assistant managing director for the capital markets group, replacing Leo Mun Wai who will leave the firm in February 2012 after 13 years with the institution. Teck is currently assistant managing director for markets and investment. 

Dr Andrew Khoo, currently assistant managing director for policy, risk and surveillance, vacates his role to assume Teck's former duties, while Jacqueline Loh, presently the head of the finance, information technology and risk group, will take over Khoo's old post.

Low Kwow Mun, presently executive director for the complex institutions department under the banking and insurance group has been promoted to assistant managing director for finance, information technology and risk. Functioning as interim head of complex institutions will be Lee Boon Ngiap, currently the assistant MD for banking and insurance, until a successor to Low is announced. 

The changes come amid challenging times for the Monetary Authority of Singapore, which at its recently held 40th anniversary dinner laid out four key challenges for the coming years. These include maintaining price stability amid global market volatility, safeguarding the real value of official foreign reserves, ensuring safety, soundness and efficiency of the financial system and strengthening the republic's competitiveness as a financial centre.