Ex-DPM Heng Swee Keat retires from MAS board of directors after two decades

[SINGAPORE] Former deputy prime minister Heng Swee Keat has stepped down from the Monetary Authority of Singapore (MAS) board of directors after two decades of service.

He relinquished his position as a board member at Singapore’s central bank from Jan 1, MAS said in a statement on Monday (Jan 5).

Gan Kim Yong, chairman of MAS’ board, said: “We deeply appreciate Mr Heng’s contributions to the MAS board over the past 20 years, including in his role as managing director from 2005 to 2011.”

Gan, who is also deputy prime minister and minister-in-charge of MAS, said that Heng was instrumental in steering the authority through the global financial crisis of 2008.

Heng oversaw reforms to strengthen risk management and corporate governance in financial institutions, as well as enhanced MAS’ standing in global financial circles.

Heng also contributed to Singapore’s development as a financial hub, encouraged the adoption of financial technology and innovation, and the development of talent, Gan said.

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Last year, Heng retired from politics after 14 years in the government. He announced his decision in a Facebook post on Nomination Day on Apr 23, 2025, ahead of the 2025 General Election.

Heng entered politics when he was elected as a member of parliament at the 2011 General Election. He was subsequently appointed as Minister for Education before being named Minister for Finance in 2015, a role he held during the Covid-19 pandemic.

The MAS board of directors are (as at Jan 1, 2026):

• Gan Kim Yong (chairman), Deputy Prime Minister and Minister for Trade and Industry
• Chee Hong Tat (deputy chairman), Minister for National Development
• Alvin Tan, Minister of State, Ministry of National Development and Ministry of Trade and Industry
• Peter Ong (chairman of risk committee), former head of civil service
• Chaly Mah (chairman of audit committee), chairman of NetLink NBN Management
• Lim Hng Kiang, Special Aadvisor, Ministry of Trade and Industry
• Lucien Wong, Attorney-General, Attorney-General’s Chambers
• Deborah Ong, retired partner, PricewaterhouseCoopers
• Ng Wai King, WongPartnership chairman and managing partner
• Goh Swee Chen, National Arts Council chairman
• Professor Ho Teck Hua, president, Nanyang Technological University, Singapore
• Chia Der Jiun, managing director, MAS