Singapore MAS Announced Appointment of Chia Der Juin as Managing Director, Succeeds Ravi Menon after 29 Years at MAS & Retiring from Singapore Public Service
6th September 2023 | Hong Kong
The Monetary Authority of Singapore (MAS) has announced the appointment of Chia Der Juin as Managing Director, succeeding Ravi Menon after 29 years at MAS & retiring from Singapore public service. Singapore MAS: “The Monetary Authority of Singapore (MAS) announced today that the President of the Republic of Singapore has appointed Mr Chia Der Jiun as Managing Director (Designate), MAS from 1 November 2023 to 31 December 2023, and as Managing Director, MAS from 1 January 2024 to 31 May 2026. Mr Chia will also be appointed a Director on the MAS Board on 1 January 2024. Mr Chia takes over from Mr Ravi Menon, who will retire from the Singapore Public Service and step down as Managing Director, MAS as well as from the MAS Board on 31 December 2023. Mr Chia, who is currently Permanent Secretary (Development) at the Ministry of Manpower (MOM), had previously spent 18 years at MAS, where he played a leadership role across MAS’ major functions, including monetary policy implementation, reserve management, banking supervision, prudential policy, and macroeconomic surveillance.” Singapore MAS on Ravi Menon: “The board of directors, management and staff of MAS thank Mr Menon for his visionary leadership as MAS’ Managing Director since 2011 and outstanding contributions during his 29 years with MAS. During his first 16 years in MAS (1987-2003), Mr Menon was involved in monetary policy, macroeconomic analysis, organisational development, banking regulation, and integrated supervision of complex financial institutions … … During the COVID-19 economic crisis, Mr Menon was instrumental in the swift introduction of innovative response measures, including new liquidity backstop facilities, low-cost funding for banks to better support SMEs, credit and insurance reliefs for individuals and SMEs, and schemes to accelerate digitalisation and workforce training in the financial sector. Mr Menon has been actively involved in shaping the international financial regulatory agenda. He is Chairman of the Network for Greening the Financial System, an international coalition of more than 125 central banks and financial regulators, and a member of the G20 Financial Stability Board (FSB) Steering Committee. He previously chaired the FSB Standing Committee on Standards Implementation (2013-2017) and the International Monetary and Financial Committee Deputies Meetings (2011-2015).” Earlier in April 2023, Ravi Menon had been reported to be leaving the central bank in 2023 after a 36 years career starting in 1987. Singapore Ministry of Manpower Permanent Secretary Chia Der Jiun is a prime candidate to succeed Ravi Menon. (Chia Der Jiun, Age 51, joined the Monetary Authority of Singapore (MAS) in 2004 and held various management appointments in MAS before being appointed Deputy Managing Director , MAS in May 2019. He was also seconded to the International Monetary Fund in 2011 for two years as Executive Director for Southeast Asia.) See below for more info:
“ Singapore MAS Announced Appointment of Chia Der Juin as Managing Director, Succeeds Ravi Menon after 29 Years at MAS & Retiring from Singapore Public Service “
Singapore MAS Announced Appointment of Chia Der Juin as Managing Director, Succeeds Ravi Menon after 29 Years at MAS & Retiring from Singapore Public Service
- Mr Chia Der Jiun to be appointed Managing Director of MAS
4th September 2023 – The Monetary Authority of Singapore (MAS) announced today that the President of the Republic of Singapore has appointed Mr Chia Der Jiun as Managing Director (Designate), MAS from 1 November 2023 to 31 December 2023, and as Managing Director, MAS from 1 January 2024 to 31 May 2026. Mr Chia will also be appointed a Director on the MAS Board [1] on 1 January 2024.
Mr Chia takes over from Mr Ravi Menon, who will retire from the Singapore Public Service and step down as Managing Director, MAS as well as from the MAS Board on 31 December 2023.
Mr Chia, who is currently Permanent Secretary (Development) at the Ministry of Manpower (MOM), had previously spent 18 years at MAS, where he played a leadership role across MAS’ major functions, including monetary policy implementation, reserve management, banking supervision, prudential policy, and macroeconomic surveillance.
During his first 10 years in MAS, Mr Chia played a key role in developing and implementing policies to restructure the local banking groups and to liberalise the banking sector. He was instrumental in the set-up of the Singapore Deposit Insurance Corporation. During the Global Financial Crisis in 2008, Mr Chia led the conduct of financial stability assessments. In 2011, he was seconded to the International Monetary Fund (IMF) for two years as Executive Director for Southeast Asia, where he contributed to Board discussions and decisions on issues such as capital flow management, IMF financing programmes, and financial stability assessments.
In 2013, Mr Chia was appointed Assistant Managing Director (Markets & Investment), and he subsequently led the review of the asset allocation of the Official Foreign Reserves. In 2019, Mr Chia was appointed Deputy Managing Director (Corporate Development). He strengthened the operational resilience of the national payment systems (GIRO, FAST, MEPS+) during the COVID-19 pandemic. He led the effort to transform MAS’ technology architecture and corporate functions.
Mr Chia has extensive experience in the broader Public Service. Prior to his stint in MAS, he served in the Ministry of Trade and Industry, Public Service Division, and the then-Ministry of the Environment and Water Resources. Mr Chia was appointed Second Permanent Secretary at MOM in 2020 and redesignated as Permanent Secretary (Development) at MOM in 2022.
The board of directors, management and staff of MAS thank Mr Menon for his visionary leadership as MAS’ Managing Director since 2011 and outstanding contributions during his 29 years with MAS. During his first 16 years in MAS (1987-2003), Mr Menon was involved in monetary policy, macroeconomic analysis, organisational development, banking regulation, and integrated supervision of complex financial institutions.
As Managing Director, Mr Menon has been the driving force behind MAS’ initiatives to make Singapore’s financial sector more resilient, innovative, and purposeful.
- Mr Menon led the reform of Singapore’s financial regulatory framework following the global financial crisis, strengthened the enforcement regime against money laundering and market misconduct, and developed MAS’ macroprudential policies to ensure a sustainable property market.
- Mr Menon played a pivotal role in positioning Singapore as a leading FinTech hub. He steered the growth of Singapore’s electronic payment ecosystem, initiated a regulatory sandbox to promote experimentation, and oversaw the introduction of digital banking licences.
- As Chairman of the Institute of Banking & Finance, Mr Menon worked closely with industry leaders to strengthen skills upgrading, career conversion programmes, and leadership development in the financial sector workforce.
- Mr Menon spearheaded policies and strategies to build the financial sector’s resilience to the risks posed by climate change and to develop a vibrant sustainable finance ecosystem in Singapore to help catalyse the region’s decarbonisation.
During the COVID-19 economic crisis, Mr Menon was instrumental in the swift introduction of innovative response measures, including new liquidity backstop facilities, low-cost funding for banks to better support SMEs, credit and insurance reliefs for individuals and SMEs, and schemes to accelerate digitalisation and workforce training in the financial sector.
Mr Menon has been actively involved in shaping the international financial regulatory agenda. He is Chairman of the Network for Greening the Financial System, an international coalition of more than 125 central banks and financial regulators, and a member of the G20 Financial Stability Board (FSB) Steering Committee. He previously chaired the FSB Standing Committee on Standards Implementation (2013-2017) and the International Monetary and Financial Committee Deputies Meetings (2011-2015).
Under Mr Menon’s leadership, MAS has won several international accolades, including being named in 2019 by the UK-based publication Central Banking as the Central Bank of the Year, for its “pioneering FinTech efforts combined with its consistency of performance in monetary policy, financial stability, and supervision”.
The members of the MAS Board of Directors are listed in the Annex (117.9 KB)
Singapore Central Bank Managing Director Ravi Menon to Leave Monetary Authority of Singapore in 2023 after 36 Years Career Starting in 1987, Ministry of Manpower Permanent Secretary Chia Der Jiun a Prime Candidate to Succeed Ravi Menon
18th April 2023 – Singapore central bank Monetary Authority of Singapore (MAS) Managing Director Ravi Menon has been reported to be leaving the central bank in 2023 after a 36 years career starting in 1987 (Source: Bloomberg). Ravi Menon was appointed Managing Director of the Monetary Authority of Singapore (MAS) in 2011, with the current term ending on 31st May 2023. Ravi Menon was previously Singapore Permanent Secretary at the Ministry of Trade & Industry (MTI) and Deputy Secretary at the Ministry of Finance (MOF). Current Singapore Ministry of Manpower Permanent Secretary Chia Der Jiun is a prime candidate to succeed Ravi Menon. (Chia Der Jiun, Age 51, joined the Monetary Authority of Singapore (MAS) in 2004 and held various management appointments in MAS before being appointed Deputy Managing Director , MAS in May 2019. He was also seconded to the International Monetary Fund in 2011 for two years as Executive Director for Southeast Asia.) More on Ravi Menon below.
Singapore Central Bank Managing Director Ravi Menon to Leave Monetary Authority of Singapore in 2023 after 36 Years Career Starting in 1987
Ravi Menon began his career at MAS in 1987. During his 16 years in MAS, he was involved in monetary policy; econometric forecasting; organisational development; banking regulation and liberalisation; and integrated supervision of complex financial institutions. Ravi Menon spent a year at the Bank for International Settlements in Basel, as a member of the secretariat to the Financial Stability Forum. A recipient of the Singapore Government’s Meritorious Service Medal and Public Administration (Gold) Medal, Ravi Menon has served on a variety of boards in the public, private, and people sectors in Singapore. On the international front, Ravi Menon chairs the Network of Central Banks and Supervisors for Greening the Financial System. He is also a member of the Financial Stability Board (FSB) Steering Committee.
In 2011, Ravi Menon was appointed Managing Director of the Monetary Authority of Singapore (MAS). Prior, Ravi Menon was the Permanent Secretary at the Ministry of Trade & Industry (MTI) and Deputy Secretary at the Ministry of Finance (MOF).
Ravi Menon holds a Master’s in Public Administration from Harvard University and a Bachelor of Social Science (Honours) in Economics from the National University of Singapore.
Ministry of Manpower Permanent Secretary Chia Der Jiun
Chia Der Jiun, 51, joined the Monetary Authority of Singapore (MAS) in 2004 and held various management appointments in MAS before being appointed Deputy Managing Director (Corporate Development), MAS in May 2019. He was also seconded to the International Monetary Fund in 2011 for two years as Executive Director for Southeast Asia. Prior to MAS, Chia Der Jiun served in the Ministry of Trade and Industry, Public Service Division and Ministry of the Environment and Water Resources. Chia Der Jiun was appointed Second Permanent Secretary (Manpower) in October 2020. In 2022, Mr Chia D was re-designated as Permanent Secretary (Development), Ministry of Manpower
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