Minister for Transport and Second Minister for Finance, Chee Hong Tat, will join the Monetary Authority of Singapore’s (MAS) board of directors for a three-year term starting on 1 June 2024. His appointment will last until 31 May 2027. The news was released by MAS on 2 May 2024.

In addition to Chee’s appointment, MAS is reappointing five existing board members. Among them are Deputy Prime Minister Heng Swee Keat and Alvin Tan, Minister of State for Trade, Industry, and Culture. Former civil service head Peter Ong, retired PwC partner Deborah Ong, and WongPartnership managing partner Ng Wai King will also continue serving on the board.

However, Professor Tan Chorh Chuan, who has been a board member since 2012, will step down when his term ends on 31 May 2024. Prof Tan’s contributions, particularly as a key member of the board risk committee, were acknowledged by Lawrence Wong, MAS board chair and Deputy Prime Minister. Wong praised Prof Tan’s insights, particularly in risk management and technological development, as invaluable to MAS’s decision-making processes.

MAS continues to maintain strong leadership to navigate complex financial and economic challenges as Singapore’s central bank and financial regulator.