The Director General of the watchdog has been in post during a tumultuous period for the jurisdiction during the lockdowns, while his tenure has also seen Singapore continue to make ground as a wealth management hub.

Ravi Menon, Director General of the Monetary Authority of Singapore since 2011, has been re-appointed to the post for a stint taking him to 31 May 2023. The regulator also announced other board-level appointments last Friday.

Menon, whose tenure coincided with the Asian city-state’s continued rise as a wealth and financial hub, has had to wrestle with the disruptions caused by COVID-19 over the past year and a half.

MAS said it has appointed Lawrence Wong, Minister for Finance, and Deborah Ong to join its board of directors for a term of three years from 1 June 2021 to 31 May 2024. MAS also announced the re-appointments of existing board members.

Wong has also been appointed deputy chairman of the MAS board. He previously served on the MAS board from 10 June 2011 to 29 August 2016.

Ong recently retired as a partner of PricewaterhouseCoopers Singapore. She is a board member and chair of the audit and risk committees of SkillsFuture Singapore, Workforce Singapore, the Lee Kong Chian School of Medicine at the Nanyang Technological University, and the Council for Estate Agencies. She is also a board member of SATS Ltd.

Lim Hng Kiang, who has served on the MAS board for 23 years and as its deputy chairman since 2006, will step down from that position today (31 May) but will remain as a member of the board. Ong Ye Kung, Minister for Health, who has served as a member of the MAS board since 29 August 2016, will be stepping down.

Tharman Shanmugaratnam, Senior Minister and coordinating minister for social policies, has been re-appointed as chairman of the MAS board for a further term of three years, from 1 June 2021 to 31 May 2024. 

The following have also been re-appointed as members of the MAS board for a further term of three years:

Heng Swee Keat, Deputy Prime Minister and coordinating Minister for Economic Policies;

Peter Ong, chairman, Enterprise Singapore, who will also be re-appointed as chairman of the risk committee; and

Professor Tan Chorh Chuan, Chief Health Scientist, Ministry of Health and Executive Director, MOH Office for Healthcare Transformation.  

Quek See Tiat, President of the Council for Estate Agencies and chairman of the Singapore Accounting Standards Council, has been re-appointed as member of the MAS board for a further term of one year, from 1 June 2021 to 31 May 2022. Quek will also be re-appointed as chairman of the Audit Committee.

Quek Gim Pew, senior R&D consultant, Ministry of Defence, has been re-appointed to the risk committee for a further term of three years, from 1 June 2021 to 31 May 2024, as a non-board member.