Indian-origin banker Ravi Menon named best governor of Asia Pacific

Ravi Menon is managing director of Singapore's central bank Monetary Authority of Singapore

An Indian-origin banker in Singapore has been named as the best central bank governor in Asia-Pacific for 2018, a media report said on Thursday.

Ravi Menon, managing director of Singapore's central bank Monetary Authority of Singapore (MAS), was recognised by the leading UK-based magazine 'The Banker' for his contribution in the makeover 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 Monetary Authority of Singapore (MAS), the country's central bank, stands out for its cutting-edge regulatory approach to fintech while maintaining macroeconomic stability," the magazine said in an article.

"These are the key reasons for selecting Ravi Menon, managing director of MAS, as the Central Bank Governor of the Year for Asia-Pacific," The Straits Times reported, quoting the magazine article.

The article noted that the MAS was among the first regulators to set up a dedicated fintech group that focuses 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 was quoted as saying in the article.

Singapore's Finance Minister Heng Swee Keat was also named the best banker in 2011. He was then as MAS's managing director.

Over the last three years, the central bankers of Vietnam, India and Bangladesh were named for the recognition.