Our History

With the passing of the MAS Act in 1970, MAS was given the authority to regulate the financial services sector in Singapore. See how MAS' role as a regulator has evolved over the years.

Our Story

Prior to 1970, the various monetary functions associated with a central bank were performed by several government departments and agencies. As Singapore progressed, the demands of an increasingly complex banking and monetary environment led to streamlining of the functions to facilitate the development of a more dynamic and coherent policy on monetary matters.

In 1970, Parliament passed the Monetary Authority of Singapore Act leading to the formation of MAS on 1 January 1971. The passing of the MAS Act gave MAS the authority to regulate the financial services sector in Singapore.

MAS has been given powers to act as a banker to and financial agent of the Government. It has also been entrusted to promote monetary stability, and credit and exchange policies conducive to the growth of the economy.

In April 1977, the Government decided to bring the regulation of the insurance industry under MAS. The regulatory functions under the Securities Industry Act (1973) were also transferred to MAS in September 1984.

MAS now administers the various statutes pertaining to money, banking, insurance, securities and the financial sector. Following its merger with the Board of Commissioners of Currency on 1 October 2002, MAS also assumed the function of currency issuance.

Read more on The Making of the Monetary Authority of Singapore: How the MAS Became Singapore’s Central Bank.

Our Leaders

Chairmen

 Gan Kim Yong May 2024 - Present
Lawrence Wong July 2023 -May 2024
Tharman Shanmugaratnam May 2011 - July 2023
Goh Chok Tong Aug 2004 - May 2011
Lee Hsien Loong Jan 1998 - Aug 2004
Richard Hu Jan 1985 - Dec 1997
Goh Keng Swee Aug 1980 - Jan 1985
Hon Sui Sen Jan 1971 - Jul 1980

Managing Directors

Chia Der Jiun Jan 2024 - Present
Ravi Menon Apr 2011 - Dec 2023
Heng Swee Keat Jun 2005 - Apr 2011
Koh Yong Guan Oct 2001 - May 2005
Tharman Shanmugaratnam Apr 2001 - Oct 2001
Koh Yong Guan Jan 1998 - Mar 2001
Lee Ek Tieng Nov 1989 - Dec 1997
J.Y. Pillay Apr 1985 - Oct 1989
Goh Keng Swee Jan 1985 - Apr 1985
Richard Hu Jul 1983 - Dec 1984
Yong Pung How Oct 1982 - Jun 1983
Lim Kim San Mar 1981 - Sep 1982
Michael Wong Pakshong Dec 1970 - Feb 1981