Media Releases
Published Date: 05 March 2021

MAS Makes Senior Management Changes

Singapore, 5 March 2021... The Monetary Authority of Singapore (MAS) today announced four new senior management appointments as part of an ongoing process to renew MAS’ leadership bench. There will also be two changes in senior appointments. The new appointments and changes will take effect on 1 April 2021.

Deputy Managing Director

2      Ms Ho Hern Shin, currently Assistant Managing Director (Banking & Insurance), will be appointed Deputy Managing Director (Financial Supervision). She will take over from Mr Ong Chong Tee, Deputy Managing Director (Financial Supervision), who is leaving MAS.

Assistant Managing Directors

3      Three Executive Directors will move up to take on Assistant Managing Director positions:

  • Mr Marcus Lim, currently Executive Director (Banking Department I), will be appointed Assistant Managing Director (Banking & Insurance), taking over from Ms Ho Hern Shin.
  • Ms Cindy Mok, currently Executive Director (Monetary & Domestic Markets Management) and Executive Director (Organisation Development & Communications), will be appointed Assistant Managing Director (Finance, Risk & Currency), taking over from Mr Bernard Wee. 
  • Mr Wong Zeng Yi, currently Executive Director (Banking Department II), will be appointed Assistant Managing Director (Organisation & People Development), taking over from Mr Lim Tuang Lee.

4      Two senior management staff will be re-designated:

  • Mr Lim Tuang Lee, currently Assistant Managing Director (Organisation & People Development), will be re-designated Assistant Managing Director (Capital Markets). He will be taking over from Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), who is leaving MAS.
  • Mr Bernard Wee, currently Assistant Managing Director (Finance, Risk & Currency), will be re-designated Assistant Managing Director (Markets & Investment).  He will be taking over from Mr Leong Sing Chiong, Deputy Managing Director (Markets & Development), who has been covering this role since 1 February 2021.

5      Mr Ravi Menon, Managing Director, MAS, thanked Mr Ong Chong Tee and Mr Lee Boon Ngiap. 

6      Mr Menon said, “Chong Tee served as Deputy Managing Director for 16 years, across all four of MAS’ key functions: first, in the areas of monetary policy, investment management, and financial development; and then, in financial supervision. He led the MAS teams in navigating the global financial crisis of 2009, ensuring monetary stability and safeguarding our investment portfolio. He subsequently led the implementation of the post-crisis regulatory reforms in MAS, including new rules for bank capital and liquidity. Chong Tee has been an active member in many international regulatory forums, such as the Basel Committee for Banking Supervision and several Financial Stability Board Standing Committees. Chong Tee is a respected leader and a trusted colleague.”

7      Mr Menon added, “Boon Ngiap has been one of MAS’ most versatile leaders, making strong contributions in banking and insurance supervision, capital markets regulation, financial centre development, and domestic monetary management.  As Assistant Managing Director (Capital Markets), Boon Ngiap led the regulation of capital markets and the supervision of capital markets intermediaries and infrastructure, and championed consumer financial education initiatives.  Boon Ngiap represented MAS at the board meetings of the International Organisation of Securities Commissions.”

8      “MAS is deeply grateful to Chong Tee and Boon Ngiap for their leadership and significant contributions over 35 years each of dedicated service.  We wish them the best for their future,” said Mr Menon.



Additional information on new Deputy Managing Director Ms Ho Hern Shin:
Ms Ho Hern Shin, 51, has served in different functions in MAS, including overseeing the licensing and supervision of banks, insurance companies and payments systems in Singapore. She has also overseen specialised teams in MAS that formulated policies and supervised financial institutions in the areas of anti-money laundering, technology risk and cybersecurity, as well as environmental risks. Ms Ho also held positions in HR and organisational development in MAS.