At LSE, I had the privilege of learning from the former Chief Economist and Deputy Governor of the Bank of England. Meanwhile, at Princeton, I was able to learn from quantitative traders and hedge fund managers about current topics such as high-frequency trading and the characteristics of Asian capital markets. 

I was able to keep on learning during my summer breaks, gaining real-world experience interning at MAS' Markets Policy and Infrastructure Department where I worked on a research project modelling the impact of different market microstructures on the quality of stock markets, and again at the Systemic Risk Centre at the LSE coding up models to forecast financial risks. It was fascinating to apply theoretical concepts in a real-world setting, especially those which I had previously learnt in school.

The economic and financial landscape is constantly evolving, and the issues that MAS officers work on are increasingly complex and cross-cutting in nature. I am glad that my training and internships prepared me for my work with MAS, which has ranged from examining the financial stability implications of climate change, to crafting MAS’ Covid-19 response to support the local economy and ultimately the lives of Singaporeans. 

My work in MAS is intellectually stimulating and rewarding, and I know it has a tangible impact on sharing Singapore’s economy and financial development. 

A version of this article was first published in BrightSparks Magazine Feb 2022 [MAS Scholarship - Regulating Finance | BrightSparks February 2022 e-Magazine ]. Republished with permission from CareerBuilder Singapore.

I first joined the Capital Markets Intermediaries (CMI) Department. As a young officer, there was a lot of guidance given by my bosses and colleagues, and the journey was enriching. I had to develop technical knowledge on MAS’ regulations, regulatory instruments and policy positions on the various issues, make legislative amendments to reflect new policy intent, conduct inspections on CMIs, and understand new business models in order to license and supervise new entrants. The work was meaningful as I could see the direct impact and value of my work for e.g. imposing certain regulatory or enforcement actions against CMIs/individuals for lapses/misconduct so as to protect ordinary Singaporeans, including my parents, from their egregious conduct.

After 4.5 years in CMI, I was given the opportunity to join the Regional Division of the International Department (INT) in 2018. One of the highlights of my time here was Singapore’s ASEAN Chairmanship where my team was involved in the ASEAN Finance Ministers’ and Central Bank Governors’ Meeting in April 2018. I vividly recalled two weeks into the job, I had to represent MAS at an ASEAN working-level meeting and to explain what MAS’ exchange-rate centred monetary policy is. The learning curve was steep, but it has been a rewarding experience.

On top of gaining exposure to various topics that cut across the different departments in MAS, I also had the opportunity to participate in discussions on issues of strategic interests to MAS or Singapore. That enabled me to form a holistic view of how each department’s work links up and contributes to MAS’ overall mandate.

In my department, we focus on regulatory breaches that warrant more rigorous investigation as they pose higher regulatory or market conduct risks. Specifically, I am responsible for the use of analytics to support the detection of abusive, manipulative or illegal trading practices in the capital markets, particularly for breaches of market misconduct offences under the Securities and Futures Act (SFA).

MAS’ vision for transformation is for the organisation to be digital, agile and efficient. As with any transformation journey, there are bound to be new initiatives that require changes to the way we work. Often, changes in business processes do not occur smoothly due to inertia. However, after my time here in MAS, I am glad to say that these worries were unfounded. My department is very open to innovation, with constant discussions on how we can leverage technology to improve processes and serve the public better.

One example of such an initiative would be the Augmented Intelligence (AI) tool known as Project Apollo. This project was memorable as it was the first project assigned to me after entering MAS. In essence, Project Apollo is a tool used alongside other analytical frameworks in the triaging of cases for review and investigation. As it is able to automate some of our manual processes, our officers are enabled to perform higher-value work. The support from ENFD and their willingness to explore new ways of doing things better played a key role in the successful implementation of this project.

MAS’ vision for transformation can be seen and felt in all aspects of our organisation. I believe that this conducive environment will provide fertile ground for new initiatives to develop, and ultimately benefit MAS and the public we serve.

As part of the Financial Markets Development Department (FMD), I work together with a team of dynamic, passionate officers to shape Singapore’s financial markets. There is never a boring day in FMD – our work is exciting, unpredictable and fast-paced. Our day-to-day job involves actively monitoring global and industry trends and developments, as well as formulating strategies to strengthen the competitiveness of Singapore’s financial markets. We also collaborate closely with the industry for opportunities to grow and position Singapore as a leading international financial center.

One key area of growth that my team is looking at is green finance. In simple terms, green finance seeks to encourage the adoption of environment-friendly activities, with a view to mitigate climate change. Given that climate change is a global existential threat, we need to ensure Singapore’s financial sector remains resilient to environmental-related risks. Beyond managing risks, Singapore can also play a role in mobilising green finance to serve the financing needs in Asia and beyond.

As a MAS officer, I have the exciting privilege to address these issues and drive efforts in “greening” Singapore’s financial sector. I strongly believe that finance can serve as a force for good, and continue to play a key role in the global efforts to mitigate climate change. Thus, it is imperative that we continually develop innovative strategies to ensure that Singapore’s financial sector is well poised to support and lead sustainable developments in the region through green finance.