12 Oct 1998... Seasoned financial sector personnel are found among the new faces in the Monetary Authority of Singapore (MAS). The influx of mid-career professionals is part of MAS' strategy to strengthen its capabilities in the process of spearheading the financial sector reforms aimed at establishing Singapore as a world-class financial centre.
Since the beginning of the year, MAS has hired 96 new officers, bringing its pool of professionals to around 400.
23 of the new hires have at least 5 years working experience in banking, risk management, securities, insurance, law, marketing and other areas. The majority of the mid-career professionals are with the Financial Supervision Group, the Financial Sector Promotion Department and the Economics Department.
MAS' Executive Director for Human Resource, Mrs Shih Siew Poh, said the mid-career professionals bring in broad industry experience and fresh perspectives for the conduct of MAS' supervisory and promotional functions.
"Our recruitment policy is driven by the mandate to find the best talent for MAS as we look to build up staff capabilities and enhance professionalism in MAS," said Mrs Shih.
"We have in place strategies to take Singapore's growth as a leading financial centre to a new level. But it is equally important to have people with the capacity and capability to help make Singapore a world-class financial centre."
"We have attracted individuals with various skill-sets who will complement the expertise and specialisation of our existing professionals."
MAS has recruited and seconded individuals from across the public and private sectors.
Public Sector Secondments
Mr Tan Chek Ming and Mr Ng Nam Sin are among some of the senior public sector officials seconded to MAS. Mr Tan, Director, Services Development Division at EDB, is concurrently Executive Director of the Financial Sector Promotion Department in MAS since Apr 98. Mr Ng, formerly Regional Director (Eastern US) from EDB, is seconded to MAS since Jun 98 as Director of Marketing in the same department.
Private Sector Secondment
The latest appointment is Dr Lee Tih Shih, Senior Vice President at OCBC Bank, who will join MAS on a 2-year secondment from 20 Oct 98, as Head, Risk Supervision, Financial Supervision Group. Dr Lee is the first to be seconded to MAS from the private sector since the early 80s. MAS hopes to have more such secondments from the private sector, and to likewise post MAS officials to financial institutions for periods of time. The interchange of officials between MAS and the financial sector will be of benefit to both. It would help build a stronger understanding between MAS and the institutions it oversees.
Among the senior professionals recruited is Mr Enoch Ch'ng, who comes with 10 years of experience at UBS and 9 years in aviation with the CAAS. Mr Ch'ng, MAS' Senior Director, Specialised Supervisory Resources, leads the team that is developing the Authority's supervisory capabilities in risk management, as well as the financial sector's efforts to prepare for year 2000.
There is also Mrs Mimi Ho who brings more than 18 years of consulting and insurance experience in the US and Singapore to her appointment as Director in the Securities and Futures Department. Another mid-career recruit is Mr Nigel Yeung, Senior Deputy Director of MAS' Manpower Development Division in the Financial Sector Promotion Department, who has almost 10 years of international corporate and marketing experience in countries like London and India.