Media Releases
Published Date: 08 September 2023

MAS pays tribute to its former Chairman, Dr Richard Hu

Singapore, 8 September 2023… The management and staff of the Monetary Authority of Singapore (MAS) are saddened to learn of the passing of Dr Richard Hu, MAS’ third and longest-serving Chairman. MAS conveys its deepest condolences to the family of the late Dr Hu.

2. Dr Hu served as a member of the MAS Board of Directors for a total of 26 years, from the inception of MAS in 1971 to 1997. He served briefly as MAS’ Managing Director (July 1983 to December 1984) before taking on the role of MAS Chairman at the start of 1985. He served as Chairman till the end of 1997, a total of 13 years. In his capacity as Minister for Finance, Dr Hu was also Chairman of the Board of Commissioners of Currency, Singapore (BCCS) from 1985 to 2001. BCCS subsequently merged with MAS in 2002.

3. Dr Hu helmed the MAS during a period of rapid economic growth and financial sector development. He upheld a strong commitment to sound monetary policy and prudent currency management. This conviction underpinned price stability and confidence in the Singapore Dollar during much of the 1980s and 1990s.

4. Dr Hu emphasised the high standards of financial regulation and supervision that Singapore is known for. He firmly believed that high prudential standards and close supervision were critical for the long-term competitiveness and growth of Singapore’s financial sector. He oversaw the overhaul of the securities regulatory framework which facilitated the subsequent development of Singapore’s capital markets.

5. Many of the older staff in MAS fondly remember Dr Hu for his wise and steady leadership.