For makeover of Singapore’s financial system, Indian-origin managing director of the Monetary Authority of Singapore (MAS), Ravi Menon has been named Central Banker of the Year in Asia Pacific by a UK based financial magazine The Banker.
In an article, the magazine said, “The Monetary Authority of Singapore (MAS) stands out for its cutting-edge regulatory approach to fintech while maintaining macroeconomic stability.”
It added, “These are the key reasons for selecting Ravi Menon, managing director of MAS, as the Central Bank Governor of the Year for Asia-Pacific.”
The magazine noted that the MAS was among the first regulators to set up a dedicated fintech group that focuses on understanding technology's risks and benefits.
“You can only encourage technology to the extent that you can also contain and manage its risks. A smart financial centre must be a safe financial centre as well,” Menon told the magazine.
As the MAS continues to innovate, the magazine reported that this was not being done at the expense of safety.
The central bank continues to look out for risks such as terrorism financing and cyber risks, said Menon.
The Banker magazine is part of the Financial Times Group which publishes an annual list of best central bank governors based on a survey of bankers and economists.
Earlier, Singapore's Finance Minister Heng Swee Keat was also named the best banker in 2011 when he was working as MAS's managing director.
Over the last three years, the central bankers of Vietnam, India and Bangladesh were named for the recognition.