The Monetary Authority of Singapore announced that the President of the Republic of Singapore has appointed Mr Chia Der Jiun as Managing Director (Designate), as the new Managing Director after its current MD Ravi Menon retires end of the year.
Chia’s appointment will take effect from 1 November 2023 to 31 December 2023 as MD designate and as MD, MAS from 1 January 2024 to 31 May 2026. He will also be appointed a Director on the MAS Board on 1 January 2024
He is currently the Permanent Secretary (Development) at the Ministry of Manpower and 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.
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.
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.
