The Monetary Authority of Singapore (MAS) is deeply saddened to announce the passing of Lee Ek Tieng, who served as the managing director of MAS from November 1989 to December 1997 and as deputy chairman from January 1998 to December 2000.

The management and staff of MAS extend their deepest condolences to the family of the late Lee.

Lee oversaw MAS’ management of the collapse of Barings Bank in 1995. Subsequently, he guided MAS to implement crucial measures to enhance the regulation of futures traders and strengthen risk management in financial institutions.

Lee strengthened MAS’ cooperation with regional central banks and fostered closer relationships with them through dialogue, exchanges and collaboration.

Lee has left for MAS a legacy of stewardship and service – by striving for high standards of excellence and dedication to public service that defined his remarkable career. He was instrumental in the transformation of MAS, fostering better coordination and integration of policies across departments, greater transparency as an organisation, and a more cohesive organisation.

MAS is grateful to Lee for his sterling service and exemplary leadership.

Re-disseminated by The Asian Banker