The Monetary Authority of Singapore (MAS) announced new senior management appointments and changes to its organizational structure in a bid to renew and strengthen MAS’ leadership bench.
The organizational changes will help strengthen synergies across key capabilities or functions in MAS, says the company in a statement. All the appointments and organizational changes will take effect from May 1, 2019.
MAS will form a new Technology Group (TG) which will comprise the Data Analytics Group, Information Technology Department as well as the Technology and Cyber Risk Supervision Department. The formation of TG will enable a more integrated approach to providing technology solutions and systems, and strengthen supervision of continually evolving technology risks in the financial sector.
Two Assistant Managing Directors will move up to take on Deputy Managing Director positions. Edward Robinson, currently Assistant Managing Director (Economic Policy), will be appointed Deputy Managing Director (Economic Policy). He retains his current designation as Chief Economist. He will also have responsibility for macroprudential surveillance.
Chia Der Jiun, currently Assistant Managing Director (Corporate, HR and IT Services), will be appointed Deputy Managing Director (Corporate Development). He will be taking over from Dr. Andrew Khoo, Deputy Managing Director (Corporate Development), who is leaving MAS.
Three Executive Directors will move up to take on Assistant Managing Director positions. Bernard Wee, currently Executive Director (Prudential Policy), will be appointed Assistant Managing Director (Finance, Risk & Currency) with effect from 1 April 2019. He will be taking over from Low Kwok Mun, who will be seconded to the Singapore Deposit Insurance Corporation (SDIC) as its CEO with effect from 1 April 2019.
Benny Chey, currently Executive Director (Reserve Management), will be appointed Assistant Managing Director (Development & International) with effect from 1 April 2019. He will be taking over from Ng Yao Loong, Assistant Managing Director (Development & International), who is leaving MAS.
Lim Tuang Lee, currently Executive Director (Banking Department I), will be appointed Assistant Managing Director (Organisation & People Development). He will oversee the newly created Organisation & People Development Group (OPDG) which comprises the human resource, training, organizational development, and workplace-related departments. OPDG will help to synergize MAS’ efforts to transform and strengthen MAS as an organization.
Vincent Loy will be appointed Assistant Managing Director (Technology). Loy will be joining MAS from Accenture Singapore, where he was the Managing Director and Financial Services Leader. Prior to that, he led PricewaterhouseCoopers UK’s Financial Services Technology Risk practice. Loy will report to Ong Chong Tee, Deputy Managing Director (Financial Supervision) and Chia Der Jiun, Deputy Managing Director (Corporate Development) as TG support financial sector supervision as well as MAS’ digital transformation.
Lawrence Ang, currently Executive Director (Information Technology), will be re-designated as Chief Information Officer to better reflect the functions he has been performing as Head of Information Technology department.
Two senior management staff will be re-designated
Two senior management staff will be re-designated, says the company. Jacqueline Loh, currently Deputy Managing Director (Monetary Policy & Investment / Development & International / Fintech & Innovation), will be re-designated Deputy Managing Director (Markets & Development). She will continue to oversee the Markets & Investment, Development & International as well as FinTech & Innovation Groups.
Loo Siew Yee, currently Assistant Managing Director (Policy, Risk and Surveillance) will be re-designated Assistant Managing Director (Policy, Payments, and Financial Crime), to oversee the Policy, Payments & Financial Crime Group, comprising cross-functional departments such as the Prudential Policy Department, Anti-Money Laundering Department, and Enforcement Department.
Ravi Menon, Managing Director, MAS, thanked Dr. Andrew Khoo and Ng Yao Loong for their service to MAS. He said, “Andrew has given 22 years of outstanding service to MAS. He has made significant contributions in a variety of areas. He led pioneering work in MAS’ banking liberalization programme and anti-commingling policy nearly 20 years ago. He dealt with the Minibond default during the global financial crisis in 2007-2008. More recently, Andrew led initiatives to improve the security and resilience of MAS’ critical information infrastructure such as the real-time gross settlement system.”
Menon added, “Yao Loong led major reviews to enhance transparency in our securities market and oversaw MAS’ implementation of the OTC derivatives reforms. He also led MAS’ efforts to enhance Singapore’s role as an enterprise financing hub and introduce the variable capital company structure for fund managers.”
All appointments and organisational changes take effect from May 1, unless otherwise stated, said MAS.