A leading UK-based magazine 'The Banker', a publication under The Financial Times Group, has awarded an Indian-origin banker in Singapore as the best central bank governor in Asia-Pacific for 2018. Ravi Menon, managing director of Singapore's central bank Monetary Authority of Singapore (MAS), was recognized for his contribution to the development and growth of Singapore’s financial system.
The annual recognition is by magazine, a publication under The Financial Times Group, is based on a selection process involving a survey of bankers and economists. The magazine said in an article that the key reasons for choosing Ravi Menon, managing director of MAS, as the Central Bank Governor of the Year for Asia-Pacific was his endeavours to make the Monetary Authority of Singapore (MAS), the central bank of Singapore, “stand out for its cutting-edge regulatory approach to Fintech while maintaining macroeconomic stability”.
According to the article, MAS was among the first regulators to establish a dedicated Fintech Group with a focus on understanding technology's risks and benefits. "You can only encourage technology to the extent that you can also contain and manage its risks. A smart financial centre must be a safe financial centre as well," Menon told the article.