As Managing Director of Singapore's central bank, Ravi Menon leads the Monetary Authority of Singapore's efforts to promote sustained non-inflationary economic growth and a sound and progressive financial centre. Last year, he was appointed for a further two years as MD and Member of the Board, having first assumed these positions in 2011. During his 16 years in MAS, Menon has been involved in almost every aspect of the Authority's work, including monetary policy, econometric forecasting, corporate communications, organisational development, banking regulation and liberalisation, and integrated supervision of complex financial institutions. His first term as MAS' MD saw him take several bold initiatives, including one that took effect mid-2013 — the designation of a broad range of serious tax crimes as money-laundering predicate offences. More recently, he outlined MAS' ambitious vision for Singapore's insurance industry to become a global marketplace by 2020, with the ability to accept not just regional but global risks. Singapore is already recognised as the leading reinsurance hub in Asia, with 16 of the top 25 reinsurers in the world basing their regional hubs here and has built up significant expertise in specialty insurance, specifically marine, energy, catastrophe, credit and political risks. In its stability assessment of 25 advanced economies conducted every five years, the International Monetary Fund last year described Singapore's financial sector as well-regulated and highly developed with rules and supervision frameworks that rank among the best in the world. It also found that Singapore has a very high level of compliance with international standards for supervising the banking, insurance and securities sectors. Singapore banks were deemed resilient to adverse global economic scenarios. Menon began his career with MAS in 1987. Prior to being appointed MD in 2011, he had been seconded to the Ministry of Trade & Industry, where he was permanent secretary, and to the Ministry of Finance (MOF) as deputy secretary.
Company:Monetary Authority of Singapore