Gan will be MAS’s chairman from May 15 to May 31, 2026. Photo: Bloomberg

Minister for Trade and Industry Gan Kim Yong will be promoted to Deputy Prime Minister, joining Heng Swee Keat as the two DPMs in PM-designate Lawrence Wong's cabinet on May 15.

In addition, Gan will be appointed as the chairman of the Monetary Authority of Singapore’s (MAS) board of directors, with his term to start on May 15 to May 31 2026.

Gan has been the deputy chairman of MAS since July 8, 2023. Wong, who is the current chairman of MAS, will relinquish his positions as chairman and a member of the MAS board on May 15.

Wong will be sworn in as Singapore’s next prime minister (PM) at 8pm on May 15 at the Istana. For now, he is keeping his finance minister portfolio.

Gan is keeping his Minister for Trade and Industry appointment for now, and will be the acting PM in Wong’s absence.