Ravi Menon to Step Down as MAS Chief in January 2024

SINGAPORE — After a 36-year career in public service, Mr. Ravi Menon will step down as Managing Director of the Monetary Authority of Singapore (MAS) on January 1, 2024, according to a statement from the Public Service Division on Monday (Sep 4). Menon, who has led MAS since 2011, holds the distinction of being its longest-serving chief.

During his tenure, Menon managed Singapore’s foreign reserves, enforced monetary policy, and strengthened Singapore’s position as a leading financial hub. Known for his forward-thinking leadership, Menon championed initiatives like digital banking, with MAS issuing its first digital banking licenses in 2020. His proactive stance on innovation has also seen MAS promote the responsible use of digital assets and prioritize financial technology advancements.

Chia Der Jiun, currently the Permanent Secretary (Development) at the Ministry of Manpower and a former deputy managing director at MAS, has been appointed to succeed Menon. Chia’s experience includes 16 years with MAS, focusing on corporate development, before moving to the Manpower Ministry in 2020.

Menon’s contributions have been instrumental, particularly during the COVID-19 pandemic when MAS introduced measures to support workers, businesses, and households. He led MAS in easing monetary policy to facilitate economic recovery and played a key role in steering Singapore’s economy in the post-global financial crisis era.

Highly regarded globally, Menon has previously been considered for roles with the Financial Stability Board and the Bank of England. He has received the Meritorious Service Medal and the Public Administration (Gold) Medal for his distinguished service and has served on numerous public and private boards.

Mr. Menon holds a Master in Public Administration from Harvard University and a Bachelor of Social Science (Honours) in Economics from the National University of Singapore.