Former DPM Heng Swee Keat relinquishes MAS Board of Directors position

Former Deputy Prime Minister Heng Swee Keat has relinquished his position as a member of the Monetary Authority of Singapore (MAS) Board of Directors from Jan. 1, 2026, MAS said in a Jan. 5 statement.

Heng was first appointed to the board in August 2004.

He was then the Permanent Secretary of the Ministry of Trade and Industry.

Gan Kim Yong, Chairman of the MAS Board, said, "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."

Chee Hong Tat, the Minister for National Development, serves as deputy chairman.

Gan, who is also Deputy Prime Minister, made note of Heng's contributions during his tenure.

"He was instrumental in steering MAS through the 2008 financial crisis, oversaw reforms to strengthen risk management and corporate governance in financial institutions, and enhanced MAS’ standing in global financial circles," Gan said.

He added that 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 commented.

Heng retired from politics in 2025.

Top image via Heng Swee Keat / Facebook, MAS