The Managing Directors and the institutional voice

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Ravi Menon served as Managing Director from 2011 until 31 December 2023 and shaped the digital-asset policy described in Chapter III. He was succeeded by Chia Der Jiun, who was Managing Director (Designate) from 1 November 2023 and Managing Director from 1 January 2024, with an initial term to 31 May 2026.¹ Menon's speeches, above all the August 2022 address that drew the line between digital-asset innovation and cryptocurrency speculation, remain the clearest statement of the policy and are still cited by MAS staff in meetings. Chia's public statements have continued the line with an emphasis on tokenisation of regulated assets and on the commercial deployment of the pilots begun under his predecessor.

The institutional voice matters more in Singapore than in most places because MAS speaks often and in detail. Its consultation papers, numbered by year, state proposals with reasons. Its responses to feedback reproduce industry objections and answer them one by one. Its speeches, published on the MAS website on the day of delivery, announce policy shifts months before the corresponding instrument appears. A practitioner who reads the speeches of the Managing Director and of the Deputy Managing Directors for financial supervision and for markets and development knows where the perimeter is heading. A practitioner who reads only the Acts learns of each shift two years late.

Notes

MAS media release of 4 September 2023, "Mr Chia Der Jiun to be appointed Managing Director of MAS" (appointment as Managing Director (Designate) from 1 November 2023 and as Managing Director from 1 January 2024 to 31 May 2026; Mr Menon to step down on 31 December 2023). ↩

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of October 2026.

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