Heng Swee Keat steps down from MAS' board of directors

Former deputy prime minister Heng Swee Keat, 64, has relinquished his position as member of the Monetary Authority of Singapore's (MAS) board of directors from Jan 1, the central bank announced on Monday (Jan 5).

Heng was managing director of MAS from 2005 to 2011.

MAS board chairman Deputy Prime Minister Gan Kim Yong said Heng's contributions over the past two decades are deeply appreciated, citing his pivotal role during the 2008 financial crisis and more.

"His sharp insights and wisdom were tremendous assets for the MAS Board," said DPM Gan.

"We wish him the best in his future endeavours."

Heng was education minister from 2011 to 2015, and finance minister between 2015 and 2021.

He announced his exit from politics last April during the 2025 General Election, when he confirmed he would not recontest East Coast GRC.

In a subsequent interview with the Straits Times in May, he said he hoped to spend the next six to 12 months "not doing any work", spending time with family, and taking care of his health.

Heng is currently chairman of National Research Foundation.

After his departure from the MAS board, the members are:

• Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry (Chairman)
• Chee Hong Tat, Minister for National Development (Deputy Chairman)
• Alvin Tan, Minister of State for National Development, and Trade and Industry
• Peter Ong, former head of civil service (Chairman of Risk Committee)
• Chaly Mah, Chairman of NetLink NBN Management (Chairman of Audit Committee)
• Lim Hng Kiang, Special Advisor to the Ministry of Trade and Industry
• Lucien Wong, Attorney-General
• Deborah Ong, retired partner at PricewaterhouseCoopers LLP
• Ng Wai King, Chairman and Managing Partner of WongPartnership
• Goh Swee Chen, Chairman of the National Arts Council
• Professor Ho Teck Hua, President of the Nanyang Technological University
• Chia Der Jiun, Managing Director of MAS

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