Monetary Authority of Singapore Announces Re-Appointments of MD, Key Board Members

The Monetary Authority of Singapore (MAS) recently announced the re-appointment of three existing members to its Board of Directors and the re-appointment of its Managing Director.

Mr Lucien Wong, Attorney-General, and Mr Chaly Mah, Chairman of NetLink NBN Management Pte Ltd, will be “re-appointed to the MAS Board for a further term of three years from 1 June 2023 to 31 May 2026.”

Mr Mah will also “be re-appointed as Chairman of the Audit Committee [1] for the same duration.”

Mr Ravi Menon will be “re-appointed as Managing Director of MAS and a member of the MAS Board for a further term of two years, from 1 June 2023 to 31 May 2025.”

Mr Menon will “serve as Managing Director until 31 May 2025 or his retirement from the Singapore Public Service, whichever is earlier.”

Emeritus Senior Minister Mr Goh Chok Tong will “step down from his position as Senior Advisor to MAS from 21 May 2023.”

Since his appointment to this role in May 2011, he has “advised the MAS Board and lent his expertise across a wide range of matters.” Prior to this, he served “as Chairman of the MAS Board from 20 August 2004.”

The members of the MAS Board are listed in the Annex.

In another recent update, MAS has reportedly “proposed amendments to the Payment Services Regulations 2019 and existing notices applicable to payment service providers, as well as new proposed regulations on exemptions for a specified period.”

MAS invites feedback “from any interested parties on these proposed amendments, which will operationalize the amendments made to the Payment Services Act 2019, after the passing of the Payment Services (Amendment) Bill in January 2021.”

As covered, the Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) have partnered to announce QR codes for payments will now be accepted bilaterally. Users at participating financial firms will now accept in-person payments by scanning a physical code displayed on merchants as well as e-commerce transactions online.

The NETS-DuitNow QR code payment linkage is described as a “key milestone” in the collaboration between Singapore and Malaysia to enhance payment connectivity.

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