MAS reorganises with sharper technology focus

Several appointments and creation of technology group to help authority to further digitalise

MAS reorganises with sharper technology focus

Insurance News

By Gabriel Olano

The Monetary Authority of Singapore (MAS) has made several changes to its senior management and created a technology group (TG) to facilitate the central bank’s further adoption of technology.

The TG will encompass several existing MAS divisions, such as the data analytics group, information technology department, as well as the technology & cyber risk supervision department, the MAS said in a statement. All organisational and personnel changes will take effect on May 01, unless otherwise indicated.

Two MAS assistant managing directors were promoted to deputy managing directorship:

  • Edward Robinson, currently assistant managing director of economic policy, will become deputy managing director of economic policy. He will retain his role as chief economist, and will have responsibility for macro-prudential surveillance.
  • Chia Der Jiun, currently assistant managing director of corporate, HR and IT services, will take on the role of deputy managing director of corporate development. He succeeds Dr Andrew Khoo, who is leaving MAS.

Meanwhile, three executive directors are being elevated to assistant managing directors:

  • Bernard Wee, currently executive director of prudential policy, will be appointed assistant managing director of finance, risk & currency. He succeeds Low Kwok Mun, who will become CEO of the Singapore Deposit Insurance Corporation on April 01.
  • Benny Chey, currently executive director of reserve management, will be appointed assistant managing director of the development & international group, effective April 01. He will take over from the departing Ng Yao Loong.
  • Lim Tuang Lee, currently executive director of Banking Department I, will be appointed assistant managing director of organisation & people development. He will lead the newly formed organisation & people development group, which includes the human resource, training, organisational development, and workplace-related departments.

One new executive will join the MAS, and three executives will be designated:

  • Vincent Loy will become assistant managing director (technology). He joins MAS from Accenture Singapore, where he was the managing director and financial services leader.  Prior to that, he led PricewaterhouseCoopers UK’s financial services technology risk practice. Loy will report to Ong Chong Tee, deputy managing director (financial supervision) and Chia Der Jiun, deputy managing director (corporate development).
  • Lawrence Ang, currently executive director of information technology (IT), will be reassigned as chief information officer. According to MAS, this will better reflect the functions he has been performing as head of the IT department.
  • Jacqueline Loh, currently deputy managing director (monetary policy & investment / development & international / fintech & innovation), will be re-designated as deputy managing director (markets & development). She will continue to oversee the markets & investment, development & international as well as fintech & innovation groups.
  • Loo Siew Yee, currently assistant managing director (policy, risk and surveillance) will be re-designated assistant managing director (policy, payments and financial crime), to oversee the policy, payments & financial crime group, comprising cross-functional departments such as the prudential policy department, anti-money laundering department and enforcement department. 

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