Singapore, 12 October 2023… Mr Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS), today received the Distinguished Leadership and Service Award from the Institute of International Finance (IIF)The IIF is a global association made up of members from the financial industry, which aims to support the financial industry in the prudent management of risks; develop sound industry practices; and foster global financial stability and sustainable economic growth., in recognition of his contributions to global finance and public service.

2. The IIF’s Distinguished Leadership and Service Award is bestowed on individuals who have made sustained contributions to the global economy through public service. Previous recipients include Tharman Shanmugaratnam, former Senior Minister and Coordinating Minister for Social Policies of Singapore, and Chairman of the MAS; Christine Lagarde, President of the European Central Bank; Mark Carney, former Governor of the Bank of England; and Sri Mulyani Indrawati, Minister of Finance of Indonesia.

3. On receiving the award, Mr Menon said, “I am honoured and humbled to receive this award: honoured because of the high standing that the IIF enjoys as the leading global association of the financial industry; and humbled because I know how much I owe this award to my colleagues at the MAS, my counterparts in the international regulatory community, and the leaders of the financial industry in Singapore and elsewhere.”

4. Mr Menon spoke at the IIF’s Annual Membership Meeting today, highlighting how a successful energy transition in Asia would be key in the fight against climate change. Given the heavy reliance of coal power generation in the region, Mr Menon said it was essential to have a coherent coal phase-out strategy that covered the three key aspects of credibility, economic viability, and justness.

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