The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, will step down as head of Singapore’s central bank and financial regulator as of the end of 2023, retiring from Singapore’s civil service after 29 years with the MAS.

His replacement, as announced by the President of the Republic of Singapore, will be Chia Der Jiun as managing director (designate), from November 1 to December 31 2023, and as managing director, from January 1 2024. Chia will also take over the retiring Menon’s seat on the MAS board of directors as of January 1.

During Menon’s first 16 years with the MAS (1987-2003), he was involved in monetary policy, macroeconomic analysis, organisational development, banking regulation and the integrated supervision of complex financial institutions.

As managing director, he has been credited as being the driving force behind the authority’s initiatives, the MAS says, “to make Singapore’s financial sector resilient, innovative and purposeful”.

Menon is also recognized as playing a leading role in the city-state’s financial technology push, positioning Singapore to become a leading global fintech hub and presiding over the recent introduction of digital banking licences.

In addition, he has been actively involved in shaping the international financial regulatory agenda. He is chairman of the Network for Greening the Financial System, an international coalition of more than 125 central banks and financial regulators, and a member of the G20 Financial Stability Board (FSB)’s steering committee.

He previously chaired the FSB standing committee on standards implementation (2013-2017) and the International Monetary and Financial Committee Deputies Meetings (2011-2015).

During his tenure, the MAS received several international accolades, including in 2019 being named by the UK-based publication Central Banking as the Central Bank of the Year.

Chia, who is currently the permanent secretary for development at the Ministry of Manpower, had previously spent 18 years at the MAS, where he played a leadership role across its major functions, including monetary policy implementation, reserve management, banking supervision, prudential policy and macroeconomic surveillance.