Singapore Central Bank Names Transport Minister Chee to Board

Andrea Tan, Bloomberg News

The Monetary Authority of Singapore, in Singapore, on Tuesday, Jan. 31, 2023. The financial watchdog’s focus on enforcement is crucial to the country’s ambition to be a trusted global financial hub where investors park trillions of dollars, the bulk from overseas. Photographer: Edwin Koo/Bloomberg , Bloomberg

(Bloomberg) -- The Monetary Authority of Singapore has appointed Transport Minister Chee Hong Tat as a board member from June 1, broadening his experience in the finance industry.

The central bank also reappointed five members including Deputy Prime Minister Heng Swee Keat for a further term of three years, according to a statement on Thursday. Tan Chorh Chuan, chairman of the health ministry’s office for healthcare transformation, will step down when his term ends at the end of May.

MAS chairman Lawrence Wong, who also holds concurrent roles as deputy prime minister and finance minister, is set to become the city-state’s prime minister on May 15. Wong has said bigger cabinet changes are likely to take place after the next general election, which analysts said could be held as soon as later this year.

Chee was promoted to full transport minister in January, after his predecessor S. Iswaran resigned and pleaded not guilty to corruption charges. He was also made second finance minister, joining Indranee Rajah in the role.

Chee entered politics in 2015 and had stints at the labor union as well as ministries including health, education, trade and foreign affairs. He will have a three-year term in the MAS board.

--With assistance from Janine Phakdeetham.