Major senior management reshuffle at MAS

Shake-up aimed at strengthening the central bank’s leadership.

The Monetary Authority of Singapore appointed Ong Chong Tee to succeed Teo Swee Lian as head of financial supervision.

Ong, also a deputy managing director, will relinquish his current positions as head of monetary policy and investment, and financial development.

Teo, a deputy managing director, will step down from her current role Sept. 1 to become special adviser in the Managing Director’s Office. In her new role, Teo will help the MAS play a more active role in international regulatory work.

Jacqueline Loh will succeed Ong as head of monetary policy and investment, and development and international. Andrew Khoo will lead corporate development.

Edward Robinson, an assistant managing director of economic policy, was named chief economist in addition to his current position. Foo-Yap Siew Hong will become assistant managing director, special projects, in the Managing Director’s Office.

The changes to the financial supervision arm come after MAS in June censured 20 banks, including UBS AG and Royal Bank of Scotland Group Plc, for attempting to fix interest rate levels in Singapore/