Singapore- The staff and management of the Monetary Authority of Singapore (MAS) are saddened to hear that Mr Michael Wong Pakshong, MAS' first Managing Director, has passed away this morning. MAS conveys its condolences to the family of the late Mr Wong Pakshong.

2 Mr Wong Pakshong was MAS' Managing Director from 1971 to 1981. He laid the foundations for MAS as a central bank and integrated financial regulator. He helped to steer MAS through its crucial formative years, navigating a turbulent global environment marked by the collapse of the Bretton Woods system, global recession, and double-digit inflation.

3 Under Mr Wong Pakshong's stewardship, MAS instituted a robust regulatory and supervisory regime that has become a hallmark of MAS. MAS' pioneer generation under Mr Wong Pakshong's leadership also laid the groundwork for Singapore's development as an international financial centre, bringing in global banks, supporting the growth of the local banks, and creating the Asian Dollar market. Mr Wong Pakshong served with unstinting dedication and integrity.

Source: Monetary Authority of Singapore