Former deputy prime minister (DPM) Heng Swee Keat has stepped down from his position as a member of the Monetary Authority of Singapore’s (MAS) board of directors.
According to MAS’s statement, issued on Jan 5, Heng relinquished his position from Jan 1.
Heng, who is the chairman of the National Research Foundation and a director of GIC's board, was the DPM between 2019 and 2025. He also previously served as the Minister for Education, Minister for Finance and the Coordinating Minister for Economic Policies. Heng, who was tipped to be Singapore’s next Prime Minister, said he will be stepping back as the leader of the fourth-generation (4G) leadership team of the People’s Action Party (PAP) in April 2021. The move meant that Heng would also no longer be in consideration to be the next Prime Minister.
Before entering politics, Heng held several roles within the civil service including serving as MAS’s managing director from 2005 to 2011.
“We deeply appreciate Mr Heng’s contributions to the MAS Board over the past 20 years, including in his role as managing director from 2005 to 2011,” says DPM Gan Kim Yong, who is also the chairman of the MAS Board and the Minister for Trade and Industry.
During his tenure, Heng was “instrumental” in steering the central bank through the 2008 financial crisis and oversaw reforms to strengthen risk management and corporate governance in financial institutions among other things, Gan adds.
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In addition to enhancing MAS’s standing in global financial circles, Heng also “contributed to Singapore’s development as a financial hub, encouraged the adoption of financial technology and innovation, and the development of talent”.
“His sharp insights and wisdom were tremendous assets for the MAS Board. We wish him the best in his future endeavours,” Gan adds.
As of Jan 1, MAS's other directors are:
- Minister for National Development Chee Hong Tat, who is also deputy chairman of the board;
- Alvin Tan, Minister of State, Ministry of National Development and Ministry of Trade and Industry;
- Peter Ong, former head of the civil service and chairman of the risk committee;
- Chaly Mah, chairman of NetLink NBN Management and chairman of the audit committee;
- Lim Hng Kiang, special advisor to the Ministry of Trade and Industry;
- Lucien Wong, Attorney-General, Attorney-General’s Chambers;
- Deborah Ong, retired partner of PricewaterhouseCoopers LLP;
- Ng Wai King, chairman and managing partner of WongPartnership;
- Goh Swee Chen, chairman of the National Arts Council;
- Professor Ho Teck Hua, president of Nanyang Technological University, Singapore; and
- Chia Der Jiun, managing director of MAS.
