Wong, who is also the city’s finance minister, is succeeding Tharman Shanmugaratnam at both the Monetary Authority of Singapore and GIC. His MAS appointment will be from July 8 to May 31, 2026 and his GIC role is effective July 7. Wong, broadly seen as the prime minister-in-waiting, has been deputy chairman of MAS since June 2021.

Minister for trade and industry Gan Kim Yong was named deputy chairman of the MAS.

Tharman, a former deputy prime minister, announced his decision in June to leave all government positions to contest an upcoming presidential election in the city-state. He has been MAS chairman since 2011.

The MAS board informs the government of the regulatory, supervisory and monetary policies of the central bank. Singapore’s policymakers expect this year’s economic growth to remain sluggish and range from 0.5%-2.5% amid China’s weaker-than-expected rebound and dimming global landscape.