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SINGAPORE: Former Deputy Prime Minister Heng Swee Keat has relinquished his position as a member of the Monetary Authority of Singapore (MAS) board of directors, the authority said on Monday (Jan 5).<\/p>\n
This took effect on Jan 1.\u00a0<\/p>\n
Mr Heng, who had been in public service for 45 years, retired from politics in April and did not contest last year’s General Election.\u00a0<\/p>\n
“We deeply appreciate Mr Heng\u2019s contributions to the MAS Board over the past 20 years, including in his role as managing director from 2005 to 2011,” said MAS board chairman Gan Kim Yong.\u00a0<\/p>\n
“He was instrumental in steering MAS through the 2008 financial crisis, oversaw reforms to strengthen risk management and corporate governance in financial institutions, and enhanced MAS\u2019 standing in global financial circles.”<\/p>\n
Mr Gan also noted Mr Heng\u2019s contributions to Singapore\u2019s development as a financial hub, as well as how he encouraged the adoption of financial technology and innovation and the development of talent.\u00a0<\/p>\n
“His sharp insights and wisdom were tremendous assets for the MAS Board. We wish him the best in his future endeavours,” Mr Gan said.<\/p>\n<\/div>\n