Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), will be retiring on Jan. 1, 2024, the Public Service Division (PSD) said in a press release on Sep. 4, 2023.

The 59-year-old has worked in the public service for 36 years and has been with MAS since 1987.

MAS' longest serving chief is leaving the post seven months after his reappointment in the role for two more years.

He was involved in monetary policy, econometric forecasting, banking regulation and liberalisation amongst others during his first 16 years in MAS, said PSD.

Menon also previously served as deputy secretary of the Ministry of Finance, and the permanent secretary for the Ministry of Trade and Industry (MTI).

The Straits Times reported that Menon is widely credited for his role in introducing digital banking to Singapore.

Under his leadership, MAS actively promotes innovative and responsible use of digital assets.

MAS issued its first four digital banking licences in 2020.

Menon replaced current Deputy Prime Minister Heng Swee Keat as managing director of MAS after the latter left in 2011.

Bloomberg reported on the market speculation that Menon might transition into politics like his predecessors DPM Heng Sweet Keat and president-elect Tharman Shanmugaratnam.

However, Menon has disputed these rumours.

Successor

Chia Der Jiun, current Permanent Secretary (Development) at the Ministry of Manpower (MOM), will be taking over as MAS managing director from Jan. 1, 2024 to May. 31, 2026.

He will also be relinquishing his current position on Jan. 1, 2024.

In a press release, PSD said Chia had previously spent 18 years in MAS and has "played a leadership role across MAS’ major functions", including monetary policy implementation, and reserve management.

He also has had stints in the MTI, PSD, and the then Ministry of the Environment and Water Resources, which is now known as Ministry of Sustainability and the Environment.

Other retirements

PSD has also announced the retirements of two other senior public service leaders.

Chan Lai Fung, permanent secretary of National Research and Development and Public Sector Science and Technology Policy and Plans Office, Prime Minister’s Office (PMO) and chairman of the Agency for Science, Technology and Research, will step down on Oct. 1, 2023 after dedicating 36 years to the public service.

Loh Khum Yean, permanent secretary at the PSD within PMO, will likewise retire on Oct. 1, 2023, after a 33-year tenure in the public service.

Top photos via MAS.