Former Deputy Prime Minister Heng Swee Keat has stepped down as a member of the Monetary Authority of Singapore board of directors, according to a statement released by the authority on Monday, January 5. His departure from the board took effect on January 1, marking the end of a long chapter in his public service journey.
Mr Heng had spent 45 years in public service and officially retired from politics in April last year. He did not contest the most recent General Election, signalling his decision to step back from active political life.
The chairman of the MAS board, Gan Kim Yong, expressed deep appreciation for Mr Heng’s contributions over the years. Mr Gan said, “We deeply appreciate Mr Heng’s contributions to the MAS Board over the past 20 years, including in his role as managing director from 2005 to 2011.” During that period, Mr Heng played a key role in guiding Singapore’s financial system through challenging times.
Mr Gan highlighted that Mr Heng was “instrumental in steering MAS through the 2008 financial crisis,” a period that tested financial institutions worldwide. He also oversaw reforms that strengthened risk management and corporate governance across financial institutions in Singapore. These efforts helped raise MAS’ profile and credibility within global financial circles.
Beyond crisis management, Mr Heng also contributed to Singapore’s growth as a leading financial hub. Mr Gan noted his efforts in encouraging the adoption of financial technology and innovation, as well as his focus on talent development within the sector. “His sharp insights and wisdom were tremendous assets for the MAS Board. We wish him the best in his future endeavours,” Mr Gan added.
The MAS board of directors is currently chaired by Mr Gan Kim Yong, who is also Deputy Prime Minister and Minister for Trade and Industry. The board includes senior political leaders, former top civil servants, legal professionals, business leaders, and academics, reflecting a wide range of expertise guiding Singapore’s financial authority.
Before entering politics, Mr Heng had a distinguished civil service career. He served as Principal Private Secretary to Singapore’s founding Prime Minister, the late Mr Lee Kuan Yew, from 1997 to 2000. In 2001, he became Permanent Secretary at the Ministry of Trade and Industry.
Mr Heng entered politics during the 2011 General Election as a People’s Action Party candidate for Tampines Group Representation Constituency. After being elected, he was appointed Minister for Education. In 2015, he took on the role of Minister for Finance, where he oversaw ten national budgets. This included five budgets delivered during the COVID-19 pandemic, a period that required swift and careful fiscal decisions to support businesses and citizens.
His exit from the MAS board closes another significant chapter in a long career dedicated to public service and Singapore’s economic development.
