Chia, currently the Ministry of Manpower’s permanent secretary for development, will become managing director-designate of the MAS from Nov 1, the authority said Monday in an emailed statement. He will assume the role from January and serve through May 31, 2026, according to the statement.

Menon has been at the helm of the MAS since 2011 and his term was extended from June 1, for up to two years. He will retire from public service, according to the statement. Bloomberg News reported in April that Chia had been picked to take the baton from Menon when he leaves the central bank and financial regulator this year.

Menon, who started at the MAS in 1987, has been at the forefront of efforts by central banks globally to make sense of digital currencies. Chia was one of his former deputies.

When Chia was at the MAS, he helped to improve the risk sensitivity of the authority’s regulatory frameworks. He also oversaw the implementation of monetary policy and investment of MAS’s official foreign reserves.