SINGAPORE (Aug 29): Monetary Authority of Singapore (MAS) today announced its new appointment of Ong Ye Kung, Acting Minister for Education (Higher Education and Skills) and Senior Minister of State, Ministry of Defence, to its board of directors – as well as the stepping down of Lawrence Wong, Minister for National Development.

In a Monday statement, MAS states that Ong’s term of appointment will last until 31 May, 2019.

Before joining the Cabinet, Ong was the director of group strategy at Keppel Corporation, overseeing long-term strategic planning of the group’s activities. Prior to that, he served as the deputy secretary-general of National Trades Union Congress to oversee the Labour Movement’s employment and employability programmes.

Wong’s departure from MAS’s board of directors comes after the announcement of his appointment as Second Minster for Finance last Tuesday. He served as an active member on the MAS board for over five years since his appointment to the MAS board on 10 June, 2011.

As of today, the directors of MAS comprise: Heng Swee Keat, Minister for Finance; Ong Ye Kung, Acting Minister for Education (Higher Education and Skills) and Senior Minister of State, Ministry of Defence; Quek See Tiat, Deputy President, Council for Estate Agencies; Lim Chee Onn, Senior International Advisor, Ascendas-Singbridge Group; Peter Ong, Head, Civil Service and Permanent Secretary (Prime Minister’s Office)(Strategy); Tan Chorh Chuan, President, National University of Singapore; V K Rajah, Attorney-General, Attorney-General's Chambers; and Ravi Menon, Managing Director, MAS.

The board is lead by chairman Tharman Shanmugaratnam, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies; as well as deputy chairman Lim Hng Kiang, Minister for Trade and Industry (Trade).