MAS's outgoing MD, Ravi Menon. Photo: Bloomberg

The Monetary Authority of Singapore (MAS) has appointed Chia Der Jiun, 51, as its new managing director (MD). Chia was already tipped as a possible successor in a Bloomberg article in April.

Chia will take over from outgoing MD, Ravi Menon, 59, who will retire from the Singapore Public Service. Menon will also step down as MAS’s MD and from its board on Dec 31.

Chia will become the MD (designate) from Nov 1 to Dec 31. He will then formally become the MD of MAS from Jan 1, 2024, to May 31, 2026. Chia will also be appointed as a director on the board of the MAS on Jan 1, 2024.

Chia is currently the permanent secretary (development) at the Ministry of Manpower (MOM). He had previously spent 18 years at MAS where he played a leadership role across the central bank’s major functions, including monetary policy implementation, reserve management, banking supervision, prudential policy and macroeconomic surveillance.

In his first 10 years at MAS, Chia played a key role in developing and implementing policies to restructure the local banking groups and to liberalise the banking sector. For instance, he was instrumental in setting up the Singapore Deposit Insurance Corporation (SDIC).

In its Sept 4 statement, the MAS thanked Menon for his contributions as well as his “visionary leadership” as MD. Menon had spent 29 years at MAS and served as its MD since 2011.

As MD, Menon oversaw several initiatives including leading the reform of Singapore’s financial regulatory framework following the global financial crisis. During his tenure, he strengthened the enforcement regime against money laundering and market misconduct and developed MAS’s macroprudential policies to ensure a sustainable property market, among others.

Menon's retirement was announced together by the Public Service Division (PSD) with two other senior public servants.

Chan Lai Fung, permanent secretary of National Research and Development (NRD) and Public Sector Science and Technology Policy and Plans Office (S&TPPO), Prime Minister’s Office (PMO), will retire on Oct 1.

Chan, 59, is also chairman of the Agency for Science, Technology and Research.

Professor Tan Chorh Chuan, 64, has been named Chan's successor. Tan is now chief health scientist at the Ministry of Health (MOH) and executive director of the MOH Office for Healthcare Transformation (MOHT). Between 2008 and 2017, Tan was president of the National University of Singapore.

Last but not least, Loh Khum Yean, permanent secretary of the PSD, PMO, will retire on Oct 1.

48-year-old Tan Gee Keow, who is now permanent secretary of the Ministry of Culture, Community and Youth (MCCY), will take on a concurrent appointment with Loh's retirement with effect from Oct 1.