Ravi Menon to continue as MAS chief for two more years

THE Monetary Authority of Singapore (MAS) has reappointed Ravi Menon as managing director for two more years, it said on Friday (May 12).

Menon’s reappointment is effective from Jun 1, 2023, to May 31, 2025, or until his retirement from the public service, whichever is earlier, the central bank and financial regulatory authority said in a press statement.

Its statement comes nearly a month after Bloomberg reported that Menon would leave when his term ends on May 31, with Chia Der Jiun tipped to be his successor, according to people familiar with the matter.

Later on, the Public Service Division, a division under the Prime Minister’s Office, said it had “no information to provide” on the matter.

Menon has been MAS’ managing director since 2011.

He is widely credited for his role in introducing digital banking to Singapore, with MAS issuing its first four digital banking licences in 2020 under his leadership.

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Chia, one of his former deputies, is currently the permanent secretary for development at the Ministry of Manpower. Prior to joining the ministry in 2020, he spent 16 years at MAS.

Menon, Attorney-General Lucien Wong and NetLink NBN Management chairman Chaly Mah have also been reappointed to the MAS board for another three-year term from Jun 1, 2023, to May 31, 2026, MAS said in its latest statement.

Mah has been reappointed as chairman of the board’s audit committee, which independently assesses MAS’ internal control and financial reporting processes.