Singapore’s MAS unveils a raft of management changes
08 August 2013
By Asia Asset Management
The Monetary Authority of Singapore (MAS) announced on Wednesday (August 7) several changes to its senior management team, to take effect on September 1.
With the reshuffle, Teo Swee Lian, deputy managing director (financial supervision) will step down from her current role and be appointed special advisor in the managing director’s office, where she will help MAS play a more active role in international regulatory work.
Ms. Teo will be succeeded by Ong Chong Tee, who will oversee the banking and insurance, capital markets, policy, and risk and surveillance groups in his new role. Mr. Ong will relinquish his current duties as deputy managing director (monetary policy and investment) and deputy managing director (financial development).
Meanwhile, two assistant managing directors will move up to take on deputy managing director positions.
Jacqueline Loh will succeed Mr. Ong as deputy managing director (monetary policy and investment) as well as deputy managing director (development and international), and oversee the economic policy, markets and investment, and development and international groups.
Andrew Khoo will be appointed deputy managing director (corporate development), overseeing the finance, risk and currency, and corporate, HR and IT services groups.
Foo-Yap Siew Hong, assistant managing director (currency, corporate services and human resources) will relinquish her current role to become assistant managing director (special projects) in the managing director’s office, where she will oversee the development of a new generation retail payment system and other projects she initiated.
Ms. Foo will be succeeded by Ng Nam Sin, who will be appointed assistant managing director (corporate, HR and IT services). He will relinquish his current role as assistant managing director (development).
Three executive directors will move up to take on assistant managing director positions.
Chia Der Jiun will be appointed assistant managing director (markets and investment).
Leong Sing Chiong will be appointed assistant managing director (development and international).
Wong Nai Seng will be appointed assistant managing director (policy, risk and surveillance).
Besides these senior management changes, MAS will make two additional appointments in the managing director’s office.
Edward Robinson, assistant managing director (economic policy) will be designated MAS’ chief economist, in addition to his current position. As chief economist, he will deputise for the managing director in key economics-related forums, and lead MAS’ effort in engaging the broader academic and economics community in Singapore and internationally.
Sung Cheng Chih was appointed special advisor (risk management) with effect from July 1. Dr. Sung, who served as managing director and chief risk officer of the Government of Singapore Investment Corporation from 1993 to 2011, will provide advice in the areas of investment governance and risk management.
Ravi Menon, managing director at MAS, said: “These changes are intended to strengthen our leadership bench, and to bring fresh perspectives to our core areas of work while maintaining the high level of expertise we have in these areas.”
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