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MAS chief Ravi Menon named best central bank governor in Asia-Pacific

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“The use of cryptocurrency as an instrument of investment or shall I say, speculation – that is not technology. That is like Dutch tulips,” said Mr Menon.

THE managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, has been named the best central bank governor in Asia-Pacific for 2018 by UK-based magazine, The Banker.

This annual award administered by The Banker, a publication under The Financial Times Group, is based on a selection process involving a survey of bankers and economists.

Finance Minister Heng Swee Keat was also given this award in 2011 when he was then MAS's managing director. Over the last three years, the award went to the central bankers of Vietnam, India and Bangladesh.

The Banker magazine said in an article pertaining to the award to Mr Menon: "The Monetary Authority of Singapore (MAS), the country's central bank, stands out for its cutting-edge regulatory approach to fintech while maintaining macroeconomic stability. These are the key reasons for selecting Ravi Menon, managing director of MAS, as the Central Bank Governor of the Year for Asia-Pacific."

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The magazine noted that the MAS was among the first regulators to set up a dedicated fintech group that focuses on understanding technology's risks and benefits.

Mr Menon added in his interview with The Banker: "You can only encourage technology to the extent that you can also contain and manage its risks. A smart financial centre must be a safe financial centre as well."