MAS chief Ravi Menon to retire on Jan 1, 2024, after 36 years in public service

SINGAPORE: Managing director of the Monetary Authority of Singapore (MAS), Mr Ravi Menon, will retire on Jan 1, 2024, after serving 36 years in the public service.

MAS had earlier in May announced the reappointment of Mr Menon as MAS chief for another two-year term. 

It said then that he would serve until May 2025 or his retirement from the Singapore Public Service, whichever is earlier. 

Bloomberg had reported in April that Mr Menon was set to leave the post after about 12 years in charge.

The 59-year-old started his career at MAS in 1987, the Public Service Division (PSD) said on Monday (Sep 4). 

He was awarded the Public Administration Medal (Gold) in 2007 and the Meritorious Service Medal in 2017 for his outstanding contributions to the public service.

PSD noted Mr Menon's many achievements and contributions. 

As MAS' longest-serving chief, PSD said he reformed Singapore’s financial regulatory framework and strengthened the enforcement regime against money laundering and market misconduct. 

"During the COVID-19 economic crisis, Mr Menon was instrumental in the swift introduction of innovative response measures," MAS said in a separate statement. 

MAS also said that it had won several international accolades under Mr Menon's leadership, including being named Central Bank of the Year in 2019 by the UK-based publication Central Banking, for its “pioneering FinTech efforts combined with its consistency of performance in monetary policy, financial stability, and supervision”.

CHIA DER JIUN TO REPLACE RAVI MENON

Mr Menon will be succeeded by Mr Chia Der Jiun, who will be appointed as managing director (designate) of MAS on Nov 1 this year and as managing director on Jan 1.

The 52-year-old will relinquish his appointment as Permanent Secretary (Development) of the Ministry of Manpower (MOM) on the same day, said PSD.

Mr Chia joined MAS in 2004 and held various management appointments before becoming deputy managing director (corporate development) 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, Mr Chia served in the Ministry of Trade and Industry, PSD and the then-Ministry of the Environment and Water Resources.

Mr Chia was appointed as Second Permanent Secretary of MOM in October 2020 and redesignated as Permanent Secretary (Development) in April 2022.

OTHER RETIREMENTS

PSD also announced the retirement of two other senior public service leaders, noting their many decades of “distinguished service”.

Ms Chan Lai Fung - Permanent Secretary of National Research and Development and Public Sector Science and Technology Policy and Plans Office, Prime Minister’s Office and Chairman of the Agency for Science, Technology and Research (A*STAR) - will retire on Oct 1 this year after 36 years in the public service. 

The 59-year-old began her public service career in 1987 and served in various appointments across several ministries and agencies, including the Ministry of Trade and Industry, as well as the Ministry of Law. 

She was awarded the Public Administration Medal (Gold) in 2009 and the Meritorious Service Medal in 2020. 

Professor Tan Chorh Chuan, Chief Health Scientist at the Ministry of Health (MOH), will take over Ms Chan's roles from Oct 1.

Prof Tan, who is also executive director of the MOH Office for Healthcare Transformation, played an instrumental role in leading the public health response to the 2003 severe acute respiratory syndrome (SARS) epidemic. 

The 64-year-old also served as President of the National University of Singapore from 2008 to 2017, and deputy chairman of A*STAR from 2004 to 2017. 

He was awarded the Distinguished Service Order in 2022.

Mr Loh Khum Yean, Permanent Secretary of the Public Service Division under the Prime Minister’s Office will also retire on Oct 1 this year after 33 years in the public service. 

The 58-year-old was also awarded for his contributions to the public service, receiving the Public Administration Medal (Gold) in 2011. 

Mr Loh joined the public service in 1991 and has held key appointments in ministries and agencies such as the then-Standards, Productivity and Innovation Board (SPRING Singapore) and Ministry of Manpower.

During Singapore's battle with COVID-19, PSD said Mr Loh led efforts to redeploy public officers to support pandemic operations, and in providing public sector employment and traineeship opportunities.

"Mr Loh also helped to establish key enabling legal frameworks to alleviate the economic impact of COVID-19, including supporting affected businesses with shared rental relief."

Permanent Secretary of the Ministry of Culture, Community and Youth (MCCY), Ms Tan Gee Keow, will be concurrently appointed Permanent Secretary of PSD from Oct 1.

The 48-year-old brings experience from her various appointments, including in the Finance Ministry, Public Service Commission Secretariat, People's Association, Ministry of Defence and Ministry of Education. 

Thanking the retiring senior leaders, Minister-in-charge of the Public Service, Mr Chan Chun Sing, said: “I would like to express my gratitude to Ravi, Lai Fung and Khum Yean for their excellent leadership and many significant contributions to the Public Service and to Singapore. They have served with excellence in a wide range of sectors over many decades of dedicated service.”