Ravi Menon retiring from Monetary Authority of Singapore after 29 years; Chia Der Jiun to take over as MD

One of the best known Indian-origin business leaders in Singapore, Ravi Menon is retiring as the managing director of the Monetary Authority of Singapore (MAS), a position he has had since 2011. His successor as MD is Chia Der Jiun, who currently serves as Permanent Secretary (Development) at the Ministry of Manpower and has earlier worked at MAS for 18 years.

Leaders of MAS today and tomorrow: Ravi Menon and Chia Der Jiun. Photo courtesy: Public Service Division

A media release from the government said that “the President of the Republic of Singapore has appointed Mr Chia Der Jiun as Managing Director (Designate), MAS, from 1 November 2023 to 31 December 2023, and as Managing Director, MAS, from 1 January 2024 to 31 May 2026. Mr Chia will also be appointed a Director on the MAS Board on 1 January 2024.”

The release added: “Mr Chia takes over from Mr Ravi Menon, who will retire from the Singapore Public Service and step down as Managing Director, MAS, as well as from the MAS Board on 31 December 2023.”

During his time at MAS, Chia had “played a leadership role across MAS’ major functions, including monetary policy implementation, reserve management, banking supervision, prudential policy, and macroeconomic surveillance”, said the release.

The government statement thanked Ravi Menon for nearly three decades of service and his leadership as MD. It said that the “Board of Directors, management and staff of MAS thank Mr Menon for his visionary leadership as MAS’ Managing Director since 2011 and outstanding contributions during his 29 years with MAS”.

According to the release: “During his first 16 years in MAS (1987-2003), Mr Menon was involved in monetary policy, macroeconomic analysis, organisational development, banking regulation, and integrated supervision of complex financial institutions.

“As Managing Director, Mr Menon has been the driving force behind MAS’ initiatives to make Singapore’s financial sector more resilient, innovative, and purposeful.

“Mr 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.”

His leadership as MD was exceptional during the pandemic, when 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”.