Managing Director of MAS Ravi Menon Announces Retirement

Yesterday, the Public Service Division of the Singapore Government announced the retirement of several high ranking civil servants, including the current Managing Director of the Monetary Authority of Singapore (MAS) Ravi Menon.

Menon is the MAS longest serving chairman, having served since 2011, and his retirement means that for the first time in over a decade, MAS has to name a new chairman. His retirement will take place at the end of the year, and be succeeded by Chia Der Jiun in his position as Managing Director.

Under his tenure, Singapore has taken an active role in shaping the international regulatory agenda, including in the nascent cryptocurrency space. Additionally, Menon is also known for strengthening the enforcement regime against money laundering and market misconduct. It was with his leadership that Singapore positioned itself as a leading FinTech hub and pioneered digital banking.

Menon also oversaw the Singapore economy through the Covid-19 pandemic, and consistently steered regulatory policy on crypto.

Despite his credentials, Menon has indicated that he has “no intention to enter politics”. Previous MAS managing directors, such as Heng Swee Keat and Tharman Shanmugaratnam, have served as finance ministers after their tenure as MAS Chairman.

Tharman Shanmugaratnam, in particular, is Singapore’s president-elect, after serving as MAS Chairman since 2011.