Former DPM Heng Swee Keat steps down from MAS board of directors
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SINGAPORE: Former Deputy Prime Minister Heng Swee Keat has relinquished his position as a member of the Monetary Authority of Singapore (MAS) board of directors, the authority said on Monday (Jan 5).
This took effect on Jan 1.
Mr Heng, who had been in public service for 45 years, retired from politics in April and did not contest last year's General Election.
"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," said MAS board chairman Gan Kim Yong.
"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."
Mr Gan also noted Mr Heng’s contributions to Singapore’s development as a financial hub, as well as how he 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," Mr Gan said.
MAS board of directors
- Mr Gan Kim Yong (Chairman), Deputy Prime Minister and Minister for Trade and Industry
- Mr Chee Hong Tat (Deputy Chairman), Minister for National Development
- Mr Alvin Tan, Minister of State, Ministry of National Development and Ministry of Trade and Industry
- Mr Peter Ong (Chairman of Risk Committee), former head of the Civil Service
- Mr Chaly Mah (Chairman of Audit Committee), chairman of NetLink NBN Management
- Mr Lim Hng Kiang, special advisor, Ministry of Trade and Industry
- Mr Lucien Wong, Attorney-General, Attorney-General’s Chambers
- Mrs Deborah Ong, retired partner, PricewaterhouseCoopers
- Mr Ng Wai King, chairman and managing partner, WongPartnership
- Ms Goh Swee Chen, chairman, National Arts Council
- Professor Ho Teck Hua, president, Nanyang Technological University
- Mr Chia Der Jiun, managing director, MAS
The former deputy prime minister was Principal Private Secretary to the late Mr Lee Kuan Yew from 1997 to 2000. He then served as Permanent Secretary at the Ministry of Trade and Industry in 2001.
Mr Heng entered politics in the 2011 General Election as a People’s Action Party candidate in Tampines GRC. Following his election, he was appointed Minister for Education. In 2015, he was appointed Minister for Finance, overseeing 10 national budgets, including five through the COVID-19 pandemic.
