The former chairman of the Monetary Authority of Singapore has become the city-state's ninth President.

Tharman Shanmugaratnam won the Singapore presidential election in a landslide victory on Friday, securing 70.4 percent of the votes. Rivals Ng Kok Song and Tan Kin Lian won around 15.7 percent and 13.9 percent of the votes, respectively.

In total, nearly 2.5 million votes were casted in Singapore, according to the Elections Department. The former MAS chairman will be sworn in as President on September 14, succeeding incumbent Halimah Yacob.

«I believe the vote for me and what I stood for is a vote of confidence in Singapore itself, a vote of optimism in how we can progress together and support each other as Singaporeans,» Tharman said in a social media post.