NTUC Income names Ronald Ong as chairman of the board

Regional CEO of major investment bank to assume chairmanship of insurer by the start of the new year

NTUC Income names Ronald Ong as chairman of the board

Insurance News

By Gabriel Olano

NTUC Income has appointed Ronald Ong Whatt Soon (pictured) as chairman of the board, effective January 01, 2019. He succeeds Stephen Lee Ching Yen.

Ong is a veteran of the banking industry, with a career spanning over 30 years. He is currently chairman and CEO for Southeast Asia at Morgan Stanley, and has been with the bank for 20 years in various roles, with substantial experience in mergers and acquisitions and capital markets.

In August 2018, Ong joined Income’s board, and is also a member of the board of NTUC Fairprice Co-operative Limited and Next 50 Limited. He also serves on the advisory board of the Lee Kong Chian School of Business at Singapore Management University (SMU) and of the Sim Kee Boon Institute for Financial Economics, also at SMU. Previously, he was a council member of the Securities Industry Council and committee member of the 1st Capital Markets Committee of the Monetary Authority of Singapore.

“I am confident that Ronald will lead Income to greater success, delivering value and accessibility of insurance to all Singaporeans,” said Lim Boon Heng, chairman of NTUC Enterprise. “I want to thank Stephen for his contributions to Income for the past five years. Under his stewardship, Income continues to stay true to its mission and has made significant progress to become a digital insurer.”

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