Ong Ye Kung joins MAS board, Lawrence Wong steps down
Acting Minister for Education (Higher Education and Skills) and the Senior Minister of State for Defence Ong Ye Kung (left) and National Development Minister Mr Lawrence Wong. Today file photos
SINGAPORE — The Monetary Authority of Singapore (MAS) on Monday (Aug 29) announced the appointment of Mr Ong Ye Kung, Acting Minister for Education (Higher Education and Skills) and Senior Minister of State, Ministry of Defence, to its board of directors with immediate effect, a move which analysts see as another step in exposing the next generation of the country’s leaders to key sectors like finance and central bank policymaking.
At the same time, Mr Lawrence Wong, Minister for National Development, having served on the MAS board for over five years, has stepped down from the role.
Last week, Mr Wong was appointed as Second Minister for Finance alongside his current role as the head of Ministry of National Development to support the Finance Ministry.
Mr Heng Swee Keat resumed his duties as Finance Minister on Aug 22, more than three months after he suffered a stroke.
Mr Ong’s term of appointment will be till May 31, 2019. Prior to his Cabinet appointments, he held the position of director of group strategy at Keppel Corp. Before joining Keppel, he was the deputy secretary-general of the National Trades Union Congress, overseeing the labour movement’s employment and employability programmes.
“While it looks to be a minor re-jig of the MAS board, it is a clear case of succession planning and ensuring that Singapore is future-ready, not only in terms of having a Plan B but also further forward Plan C. Senior leaders, like Mr Ong, as we have seen in the past, are given important portfolios and are exposed to experiences in key sectors like finance that drive the Singapore economy,” CIMB Private Bank economist Song Seng Wun said. This helps to assure Singaporeans as well as overseas investors that the Republic has a long-term plan in place with a steady pipeline of future leaders, he added.
“As Mr Lawrence Wong was made Second Finance Minister a week ago, I see the appointment of Mr Ong Ye Kung as providing another 4G (fourth-generation) minister the opportunity to cut his teeth in monetary matters and central bank policymaking. The Finance Ministry and the MAS are key institutions in the overall economic policy framework for Singapore,” said Mr Eugene Tan, assistant professor of Law at SMU.
“Mr Ong will also bring new perspectives in his new portfolio. Mr Wong will continue be au fait with MAS through his Finance portfolio even as his stepping down from the MAS board is to enable him to concentrate on his additional portfolio. Overall, it’s a win-win outcome for the 4G leadership, MAS and the Finance Ministry,” he added.
BOARD OF DIRECTORS
• Mr Tharman Shanmugaratnam (Chairman), Deputy Prime Minister and Coordinating Minister for Economic and Social Policies
• Mr Lim Hng Kiang (Deputy Chairman), Minister for Trade and Industry (Trade)
• Mr Heng Swee Keat, Minister for Finance
• Mr Ong Ye Kung, Acting Minister for Education (Higher Education and Skills) and Senior Minister of State, Ministry of Defence
• Mr Quek See Tiat, Deputy President, Council for Estate Agencies
• Mr Lim Chee Onn, Senior International Adviser, Ascendas-Singbridge Group
• Mr Peter Ong Boon Kwee, Head, Civil Service and Permanent Secretary (Prime Minister’s Office)(Strategy)
• Professor Tan Chorh Chuan, President, National University of Singapore
• Mr V K Rajah, Attorney-General, Attorney-General’s Chambers
• Mr Ravi Menon, MD , MAS
