Singapore central banker Ravi Menon to retire next year

Ravi Menon

Singapore's Indian-origin central banker Ravi Menon will retire next year on January 1 after serving 36 years in the public service and reforming the island nation's financial regulatory framework and strengthening the enforcement regime against money laundering.

The 59-year-old started his career at the Monetary Authority of Singapore (MAS), the de facto central bank, in 1987.

As MAS' longest-serving chief, or managing director, Menon has reformed Singapore's financial regulatory framework and strengthened the enforcement regime against money laundering and market misconduct, said the Public Service Division (PSD) said on Monday. In May, MAS announced the reappointment of Menon as MAS chief for another two-year term. But it said then that he would serve until May 2025 or his retirement from the Singapore Public Service, whichever is earlier, according to a Channel News Asia report.

Menon has also been instrumental to COVID-19 response measures, including low-cost funding for banks to extend to small and medium enterprises, credit and insurance relief for individuals and SMEs, regulatory relief for financial institutions, as well as supporting digitalisation and workforce training for FIs and financial technology firms," said the PSD. Menon will be succeeded by Chia Der Jiun, who will be appointed as managing director (designate) of MAS on November 1, 2023, and as managing director on January 1, 2024.

The 52-year-old will relinquish his appointment as Permanent Secretary (Development) of the Ministry of Manpower (MOM) on the same day, said PSD. Chia joined MAS in 2004 and held various management appointments before becoming deputy managing director (corporate development) in May 2019.