1/4/2018 3:04:36 PM
|written By : Team India Se|
The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, has been named the best central bank governor in Asia-Pacific for 2018 by the UK-based magazine, The Banker, owned by The Financial Times Ltd.
Singapore’s Finance Minister Heng Swee Keat was also given this award in 2011 when he was MAS' managing director.
Former Reserve Bank of India governor Raghuram Rajan was also given the same award in 2016.
The Banker magazine said in an article announcing the award this year: "The Monetary Authority of Singapore (MAS), the country's central bank, stands out for its cutting-edge regulatory approach to fintech while maintaining macroeconomic stability. These are the key reasons for selecting Ravi Menon, managing director of MAS, as the Central Bank Governor of the Year for Asia-Pacific."
The article noted: “MAS was among the first regulators to set up a dedicated fintech group that focuses on understanding technology’s risks and benefits… It also set up a data analytics group.”
“Singapore’s central bank, however, is not sacrificing safety at the altar of innovation,” it added.
The article quoted Menon as saying: “The risks we need to watch out for are money laundering, terrorism financing, cyber and technology risk, and customer confidentiality.”