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Lawrence Wong to succeed Tharman Shanmugaratnam as MAS Chairman

Minister of Trade and Industry Gan Kim Yong will be appointed the new Deputy Chairman of MAS.

Singapore Minister of Finance Lawrence Wong attends the second day of the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua,Bali, Indonesia, on Saturday, July 16, 2022.
Deputy Prime Minister and Minister for Finance Lawrence Wong will be the new Chairman of MAS. (PHOTO: Associated Press) (ASSOCIATED PRESS)

SINGAPORE — Deputy Prime Minister and Minister for Finance Lawrence Wong will be appointed as the new Chairman of the Monetary Authority of Singapore (MAS) Board of Directors with effect from 8 July 2023 to 31 May 2026, said MAS in an announcement on Monday (3 July).

In addition, MAS also announced that Minister for Trade and Industry Gan Kim Yong will succeed Wong as the Deputy Chairman of MAS, in addition to being appointed to the MAS Board for the period of 8 July 2023 to 31 May 2026.

Wong has been the Deputy Chairman of MAS since 1 June 2021 and has previously served as a member of the MAS Board from June 2011 to August 2016.

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Wong's appointment as the new Chairman of MAS comes after the incumbent, Senior Minister and Coordinating Minister for Social Policies Tharman Shanmugaratnam, announced that he will relinquish the position in order to contest as a candidate in the upcoming presidential election.

Tharman has served as Chairman of MAS for 12 years since May 2011 and will step down from the position on 8 July 2023.

MAS Board of Directors

Here is the full list of MAS Board of Directors and their respective positions, with effect from 8 July 2023:

  • Chairman: Lawrence Wong, Deputy Prime Minister and Minister for Finance

  • Deputy Chairman: Gan Kim Yong, Minister for Trade and Industry

  • Board Member: Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies

  • Board Member: Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth

  • Chairman of Risk Committee: Peter Ong, Chairman, Enterprise Singapore

  • Chairman of Audit Committee: Chaly Mah, Chairman, NetLink NBN Management Pte Ltd

  • Board Member: Lim Hng Kiang, Special Advisor, Ministry of Trade and Industry

  • Board Member: Professor Tan Chorh Chuan, Chief Health Scientist, Ministry of Health and Executive Director, MOH Office for Healthcare Transformation

  • Board Member: Lucien Wong, Attorney-General, Attorney-General’s Chambers

  • Board Member: Deborah Ong, Retired Partner, PricewaterhouseCoopers LLP

  • Board Member: Ng Wai King, Managing Partner, WongPartnership

  • Board Member: Ravi Menon, Managing Director, MAS

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