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


 Lawrence Wong July 2023 - Present
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

Ravi Menon

Apr 2011 - Present

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