MAS sets up technology group, makes senior management changes

THE Monetary Authority of Singapore (MAS) on Wednesday announced new senior management changes and the setting up of a technology group (TG) to drive the central bank's digital transformation. 

The new group will comprise MAS' existing data analytics group, its information technology department, as well as its technology & cyber risk supervision department. 

Its formation will enable a more integrated approach to providing technology solutions, and strengthen supervision of continually evolving technology risks in the financial sector, said MAS.

Vincent Loy, who was previously Accenture Singapore's managing director and financial services leader, will be appointed assistant managing director of technology. Prior to his role at Accenture, Mr Loy led PricewaterhouseCoopers UK's financial services technology risk practice. He will report to Mr Ong Chong Tee, MAS deputy managing director of financial supervision, and Mr Chia Der Jiun, its deputy managing director of corporate development.

Lawrence Ang, who is currently executive director of information technology (IT), will be re-designated as chief information officer to better reflect the functions he has been performing as head of the IT department, MAS said. 

MAS also announced various senior management changes, as part of an ongoing process to renew its leadership bench and strengthen synergies across its key functions, it said.

Two assistant managing directors will move up to take on deputy managing director positions:

• Edward Robinson, currently assistant managing director of economic policy, will be appointed deputy managing director of economic policy. He retains his current designation as chief economist, and will have responsibility for macroprudential surveillance. 

• Chia Der Jiun, who is currently assistant managing director of corporate, HR and IT services, will be appointed deputy managing director of corporate development. He will succeed Dr Andrew Khoo, who is leaving MAS.

Additonally, three executive directors will be promoted to assistant managing directors:

• Bernard Wee, currently executive director of prudential policy, will be appointed assistant managing director of finance, risk & currency. He succeeds Low Kwok Mun, who will be seconded to the Singapore Deposit Insurance Corporation as its CEO, effective April 1. 

• Benny Chey, currently executive director of reserve management, will be appointed assistant managing director of the development & international group from April 1. He will take over from Ng Yao Loong, who is leaving MAS.

• Lim Tuang Lee, currently executive director of Banking Department I, will be appointed assistant managing director of organisation & people development. He will oversee the newly created organisation & people development group, which comprises the human resource, training, organisational development, and workplace related departments, MAS said.

Lastly, two senior management staff will be re-designated: 

• Jacqueline Loh, deputy managing director of monetary policy & investment/development & international/fintech & innovation, will be re-designated deputy managing director of markets & development. She will continue to oversee the various groups in her new role, MAS noted.  

• Loo Siew Yee, assistant managing director of policy, risk and surveillance, will be re-designated assistant managing director of policy, payments and financial crime. She will oversee the policy, payments & financial crime group, comprising cross-functional departments such as the prudential policy department, anti-money laundering department, and the enforcement department.

All appointments and organisational changes take effect from May 1, unless otherwise stated, said MAS.