As the sun sets on Ravi Menon's exemplary tenure at the Monetary Authority of Singapore (MAS), a new dawn emerges with Chia Der Jiun's appointment as the central bank's managing director, according to an announcement on Monday.
Chia will assume to role of Managing Director (Designate), from 1 November 2023 to 31 December 2023, and as Managing Director from 1 January 2024 to 31 May 2026. He will also be appointed a Director on the MAS Board on 1 January 2024.
For the keen-beans who've had their ear to the ground, Chia's name rings more than a bell. He's currently Permanent Secretary (Development) at the Ministry of Manpower (MOM), but the seasoned veteran's been weaving his magic in the MAS fabric since '98, having previously served in a plethora of roles, from overseeing the financial markets strategy to managing the development of Singapore as an international financial centre.
This significant shift comes as Menon, the current Managing Director, prepares to conclude his tenure. Menon's 11-year leadership was marked by transformative measures that have solidified MAS' role on both the regional and global financial stages. His legacy, spanning key regulatory reforms and the fostering of fintech innovations, sets a high bar for the incoming leader.
Earlier this year, Blockhead reported on rumours that Chia would be taking over from Menon, who was said to be retiring.
As the digital currency revolution gains momentum and the financial world becomes even more intertwined, the experience and expertise that Chia brings to the table could not be timelier.
Under his watch, MAS is expected to carry on its mission, embracing the challenges of the modern financial landscape while ensuring the continued prosperity and stability of Singapore's economy.
The financial hub of Singapore and its stakeholders will undoubtedly be keenly watching as Chia charts the next chapter for MAS.