The Monetary Authority of Singapore’s income managing director Chia Der Jiun has extensive experience not only in finance but other fields that are relevant to the industry. On paper, at least, the public sector veteran ticks many boxes.

By all accounts of reporting at traditional or social media platforms, little is known about the Monetary Authority of Singapore’s (MAS) newly appointed managing director Chia Der Jiun. Nevertheless, what is apparent is that his resume ticks many boxes not only in finance but other thematically relevant fields for the sector. 

First and foremost, Chia is a regulatory veteran. He spent 18 years at the MAS, last as deputy managing director (corporate development), previously holding leadership roles in major functions, including reserve management, monetary policy implementation, prudential policy, banking supervision and macroeconomic surveillance.

Risk, Fintech

In Chia’s first decade at the MAS, he played a key role in restructuring the local banking groups and liberalizing the sector. He has experience in dealing with risk-related matters, including the establishment of the Singapore Deposit Insurance Corporation and leading the conduct of financial stability assessments during the 2008 global financial crisis.

His familiarity with financial technology will also play a critical role in the financial sector’s future, having helped strengthen Singapore’s national payment systems (GIRO, FAST, MEPS+) during the pandemic. He also led the effort to transform the MAS’s technology architecture and corporate functions.

But Chia’s resume covers not only finance but also other fields that are frequently highlighted as relevant themes in the industry.

Talent, Sustainability

For example, Singapore’s talent pool is a commonly discussed matter, especially with regard to attracting foreign workers while also retaining and upskilling local ones. In this regard, Chia has related experience via his current role as permanent secretary (development) at the Ministry of Manpower (he will become MAS managing director (designate) on November 1 and managing director on January 1).

Another commonly discussed subject in the industry is sustainable finance, where Chia may also have relevant experience. Previously, he served in the Ministry of Environment and Water Resources, which has been renamed to the Ministry of Sustainability and the Environment.

And to top of his multi-faceted profile, his undergraduate studies were not even related to finance, economics or business. He obtained a Bachelor of Arts degree at the University of Oxford in 1993 before later adding an MBA at INSEAD in 2003.

Upcoming Challenges

Opportunities aside, there are also a series of upcoming challenges that mark potentially the most volatile period in recent world history. Singapore will have to grapple with the economic slowdown of China – its largest trading partner. US-China tensions continue to be a headline risk. And one of the first immediate issues Chia faces is the recent $1.3 billion money laundering scandal. 

Still, there are others who believe the MAS will operate effectively, irrespective of the leader.

«[Chia] is very experienced and has spent many years at the MAS previously,» commented OCBC economist Selena Ling. «Regardless of who is at the helm, the independence and high standing of the central bank is unlikely to change.»