Singapore, 8 March 2010...The Monetary Authority of Singapore (MAS) today announced a new organisation structure along with the appointment of seven new Assistant Managing Directors.  The new structure and appointments will take effect on 1 April 2010.

2   Since our last reorganisation in 2002, the global economic and financial landscape has continued to grow in complexity at a more rapid pace.  Singapore's financial sector has also grown in depth and breadth, with growth averaging 6.7% annually from 2002.  The new structure will enable MAS to respond more effectively to the rapidly changing economic and financial landscape.  The appointment of additional Assistant Managing Directors will better support the Managing Director and the Deputy Managing Directors in delivering MAS' operational and strategic goals. 

3   MAS currently supervises all activities in the banking, insurance and capital markets.   Given the increasing overlap of these activities and the growth of financial conglomerates that undertake these activities, MAS will adopt an integrated supervision structure, combining prudential and market conduct supervision.   Teo Swee Lian, Deputy Managing Director, will oversee Financial Supervision. Reporting to Ms Teo are:

• Lee Boon Ngiap, Assistant Managing Director, Banking & Insurance Group, overseeing banking, insurance and complex institutions. This group will undertake all frontline supervision of over 150 banks and insurance companies, local and foreign; 
• Leo Mun Wai, Assistant Managing Director, Capital Markets Group, overseeing capital markets, capital markets intermediaries and investment intermediaries. This group will supervise the very large and growing number of entities and advisors is in the capital markets area; 
• Andrew Khoo, Assistant Managing Director, Policy, Risk & Surveillance Group, overseeing specialist risk macroeconomic surveillance and supervisory policy. This group will bring together the analytical and specialist risk work to develop a holistic view of macro and micro risks and to formulate appropriate policy responses.

4   Ong Chong Tee, Deputy Managing Director, will oversee MAS' central banking functions relating to Monetary Policy, Markets and Investment, as well as the Development functions.  Reporting to Mr Ong are:

• Lee Chuan Teck, Assistant Managing Director, Markets and Investment Group, overseeing reserve management and monetary & domestic markets management. This group will be responsible for the management of foreign reserves, and the implementation of  monetary policy; 
• Edward Robinson, Assistant Managing Director, Economic Policy Group, overseeing economic surveillance and economic analysis. This group will undertake economic research and analysis for MAS' monetary policy functions, as well  as undertake broader research relating to the Singapore and global economy; 
• Ng Nam Sin, Assistant Managing Director, Development Group, overseeing financial Strategy and financial development. This group will spearhead the growth of Singapore's financial sector.

5   Rounding up the new organisation structure, Jacqueline Loh will be appointed Assistant Managing Director, Finance, Information Technology & Risk  Group, overseeing finance, information technology and the Risk Office.  This group will provide the finance and IT support to other departments, as well as exercise risk and control functions.  Foo-Yap Siew Hong will be appointed Special Projects Advisor to the Managing Director, overseeing, among others, the enhancement of e-payments and the national payments system.  Mrs Foo-Yap will also chair the Singapore Clearing House Association (SCHA) and continue as Assistant Managing Director, Currency, Human Resources & Corporate Services, overseeing these departments.  Mrs Foo-Yap and Ms Loh will report directly to the Managing Director.  Given the growing scope and significance of international engagements which MAS undertakes, the External Department will also report directly to the Managing Director.

6   Heng Swee Keat, Managing Director, said "MAS is a unique organisation, combining financial sector regulation and supervision, central banking and development responsibilities under one agency.  We can derive significant synergies from this structure.  In the coming years, we expect major changes in the global economic, financial and regulatory landscapes.  Our operating environment will be fast moving, complex and challenging.  Given all this, for MAS to remain responsive to current events while keeping our strategic focus, we need to broaden and deepen our management bench.  I am confident that our revised organisation structure and newly appointed senior managers will enhance MAS' ability to maintain monetary and financial stability, contribute to global cooperation, and better serve the public.  It will also enhance our ability to steer our financial sector to support Singapore's growth as a Global-Asia business and financial services hub."

* * *