Tharman Shanmugaratnam, former chairman of the Monetary Authority of Singapore (MAS), clinched the Singaporean presidency with a commanding 70% of the vote. The election results, confirmed on September 2, revealed that Shanmugaratnam defeated contenders Ng Kok Song and Tan Kin Lian, setting the stage for his swearing-in ceremony on September 14.
A storied career in finance and governance
Shanmugaratnam is no stranger to the corridors of power, having served in various high-ranking roles in Singapore’s government. His tenure as MAS chairman spanned from 2011 to 2023, a period that saw the financial institution grappling with market crashes and regulatory challenges. Notably, Shanmugaratnam also held the position of finance minister from 2007 to 2015. His academic credentials are equally impressive, boasting a Bachelor of Science in Economics from the London School of Economics, a Master of Philosophy in Economics from the University of Cambridge, and a Master in Public Administration from Harvard University’s Kennedy School of Government.
The president-elect’s career began in 1982 as an economist at MAS, and he later spent 22 years as a member of parliament. His extensive experience in governance and finance made him a strong contender, even being short-listed for the top job at the International Monetary Fund (IMF).
Crypto skepticism in a nation of digital innovation
Shanmugaratnam’s election comes at a time when Singapore is navigating the complex waters of cryptocurrency regulation. During his time as MAS chairman, he had expressed reservations about the volatile nature of cryptocurrencies, labeling them as “highly risky” and “slightly crazy” in various public statements. These comments have drawn attention, especially given that MAS granted in-principle approval for Crypto.com to operate in Singapore in June 2022. Moreover, the financial regulator announced a revised framework for stablecoins as part of a public consultation launched last year.
The president-elect’s skepticism towards cryptocurrencies could influence future policy decisions, particularly as Singapore continues to evolve as a hub for digital innovation. His election also follows a high court ruling in July that cryptocurrencies could be treated as personal property akin to fiat money, adding another layer of complexity to the nation’s financial landscape.
