MAS makes senior management changes

THE Monetary Authority of Singapore (MAS) on Friday announced new senior management appointments as its head of financial supervision Ong Chong Tee leaves.

Ho Hern Shin, currently assistant managing director (banking and insurance), will be appointed deputy managing director (financial supervision).

She will take over from Mr Ong, who served as deputy managing director for 16 years, across all four of MAS' key functions: first, in the areas of monetary policy, investment management, and financial development; and then, in financial supervision.

In a media statement, Ravi Menon, managing director of MAS, said Mr Ong led the MAS teams in navigating the global financial crisis of 2009, ensuring monetary stability and safeguarding MAS' investment portfolio. He subsequently led the implementation of the post-crisis regulatory reforms in MAS, including new rules for bank capital and liquidity.

Lim Tuang Lee, now assistant managing director (organisation & people development), will be redesignated assistant managing director (capital markets). He will be taking over from Lee Boon Ngiap, who is also leaving MAS.

Mr Menon said Mr Lee has been one of MAS' most versatile leaders, making strong contributions in banking and insurance supervision, capital markets regulation, financial centre development, and domestic monetary management.

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"MAS is deeply grateful to Chong Tee and Boon Ngiap for their leadership and significant contributions over 35 years each of dedicated service. We wish them the best for their future," said Mr Menon.

Mr Lim's role in the organisation and people development department will be taken over by Wong Zeng Yi, who is currently an executive director.

Two other executive directors at MAS will join Mr Wong in moving up the ranks to take on assistant managing director positions.

Marcus Lim will be appointed assistant managing director (banking & insurance), taking over from the new deputy managing director Ms Ho.

Cindy Mok will be appointed assistant managing director (finance, risk & currency), taking over from Bernard Wee. Mr Wee, in turn, will be redesignated assistant managing director (markets & investment). He will be taking over from Leong Sing Chiong, deputy managing director (markets & development), who has been covering this role since Feb 1, 2021.

MAS said the new senior management appointments are part of an ongoing process to renew its leadership bench. The new appointments and changes will take effect on April 1, 2021.