SINGAPORE - The Monetary Authority of Singapore (MAS) announced several changes to its senior management team, which will take effect on Sept 1, 2013.
Ms Teo Swee Lian, Deputy Managing Director (Financial Supervision), will step down from her current role and be appointed Special Advisor in the Managing Director's Office, where she will help MAS play a more active role in international regulatory work.
Ms Teo will be succeeded by Mr Ong Chong Tee, who will oversee the Banking & Insurance, Capital Markets, and Policy, Risk & Surveillance groups in his new appointment. Mr Ong will relinquish his current roles as Deputy Managing Director (Monetary Policy & Investment) and Deputy Managing Director (Financial Development).
Two Assistant Managing Directors will move up to take on Deputy Managing Director positions. Ms Jacqueline Loh will succeed Mr Ong as Deputy Managing Director (Monetary Policy & Investment) as well as Deputy Managing Director (Development & International), and oversee the Economic Policy, Markets & Investment, and Development & International groups.
Dr Andrew Khoo will be appointed Deputy Managing Director (Corporate Development), overseeing the Finance, Risk & Currency, and Corporate, HR & IT Services groups.
Mrs Foo-Yap Siew Hong, Assistant Managing Director (Currency, Corporate Services & Human Resource) will relinquish her current role and be appointed Assistant Managing Director (Special Projects) in the Managing Director's Office, where she will oversee the development of a new generation retail payment system and other projects she initiated.
Mrs Foo will be succeeded by Mr Ng Nam Sin, who will be appointed Assistant Managing Director (Corporate, HR & IT Services). He will relinquish his current role as Assistant Managing Director (Development).
Three Executive Directors will move up to take on Assistant Managing Director positions.
- Mr Chia Der Jiun will be appointed Assistant Managing Director (Markets & Investment).
- Mr Leong Sing Chiong will be appointed Assistant Managing Director (Development & International).
- Mr Wong Nai Seng will be appointed Assistant Managing Director (Policy, Risk & Surveillance).
Besides these senior management changes, MAS will make two additional appointments in the Managing Director's Office.
Edward Robinson, Assistant Managing Director (Economic Policy) will be designated as MAS' Chief Economist, in addition to his current position. As Chief Economist, he will deputise for the Managing Director in key economics-related forums, and lead MAS' effort in engaging the broader academic and economics community in Singapore and internationally. Dr Sung Cheng Chih was appointed Special Advisor (Risk Management) with effect from July 1, 2013. Dr Sung, who served as Managing Director and Chief Risk Officer of the Government of Singapore Investment Corporation from 1993 to 2011, will provide advice in the areas of investment governance and risk management.
Mr Ravi Menon, Managing Director, MAS, said "These changes are intended to strengthen our leadership bench, and to bring fresh perspectives to our core areas of work while maintaining the high level of expertise we have in these areas."
Mr Menon also thanked Ms Teo Swee Lian and Mrs Foo-Yap Siew Hong for their significant contributions to MAS over the years. "Siew Hong helped to lay the foundation for MAS' early approach to banking supervision, and formulated the tools and techniques for risk-based supervision. Swee Lian led the team that kept our financial sector safe through the global financial crisis and oversaw the implementation of wide-ranging regulatory changes in line with the post-crisis global reforms. I am happy that we will continue to benefit from their experience."