Monetary Authority of Singapore's first managing director Michael Wong Pakshong dies

MICHAEL Wong Pakshong, the first managing director of the Monetary Authority of Singapore (MAS), died on Wednesday morning.

The MAS said in a statement that its staff and management were saddened by the news. The MAS conveyed its condolences to Mr Wong Pakshong's family.

Mr Wong Pakshong, 86, was managing director of the central bank from 1971 to 1981, laying the foundations for the MAS as a central bank and integrated financial regulator and serving "with unstinting dedication and integrity".

"He helped to steer MAS through its crucial formative years, navigating a turbulent global environment marked by the collapse of the Bretton Woods system, global recession and double-digit inflation," the MAS said.

Under Mr Wong Pakshong's stewardship, the MAS instituted a robust regulatory and supervisory regime that has become a hallmark of the MAS, the central bank added.

"MAS' pioneer generation under Mr Wong Pakshong's leadership also laid the groundwork for Singapore's development as an international financial centre, bringing in global banks, supporting the growth of the local banks, and creating the Asian Dollar market."