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When he accepted the Monetary Authority of Singapore (MAS) Undergraduate Scholarship after his A levels, Fan Jia Rong, now 31, knew he would be embarking on a unique and impactful career path.
“MAS stood out to me, given its multiple roles as a central bank, integrated financial regulator and developer of Singapore as an international financial centre,” says Jia Rong.
“Working at MAS not only offers a bird’s eye view of the financial system against the backdrop of ever-changing global developments, but it also provides an opportunity to contribute towards the financial sector, the broader economy and ultimately, the lives of Singaporeans.”
With the MAS Undergraduate Scholarship, Jia Rong graduated with a bachelor’s degree in economics from the London School of Economics and Political Science, and a master’s degree in finance from Princeton University.
MAS also offers mid-term scholarships for students already at university, providing opportunities at various stages of academic progression.
Today, as assistant director, Jia Rong is part of the Monetary and Domestic Markets Management team, under the Markets and Investment Group, which implements Singapore’s exchange rate-centred monetary policy.
By managing the trade-weighted Singapore dollar exchange rate within MAS’ policy band, he and his team help to keep Singapore’s inflation low and stable, supporting sustainable economic growth.
On a regular basis, Jia Rong closely monitors economic and financial market developments, gathers market intelligence, and buys or sells Singapore dollars in the foreign exchange market when needed to implement Singapore’s monetary policy.
To Jia Rong, there is no such thing as a typical day in his current role. “What I enjoy most about this job is being right on the pulse of the financial markets every day,” he says. “Given how fast-moving and dynamic they are, there are always new opportunities and challenges to watch out for.”
Working at MAS has also helped make the concepts that Jia Rong learnt in school come to life. “Back in junior college, when my economics tutor explained how exchange rate movements would affect Singapore’s exports and imports, it all seemed so theoretical and abstract at the time. Looking back, it feels surreal that I am now actually in the trading room where it happens,” he says.
Beyond implementing monetary policy, Jia Rong was also given opportunities to work closely with MAS’ leadership and to represent MAS internationally on a range of critical global issues.
In 2023, Jia Rong helped to prepare recommendations on how the international financial system could be reformed to better mobilise financing in support of not just developmental outcomes but also global public goods, such as pandemic preparedness and climate mitigation.
“I wanted to apply my interest in economics and finance in a way which would have a tangible impact on Singapore. Working at MAS has fulfilled that aspiration.”
– Fan Jia Rong, recipient of the MAS Undergraduate Scholarship
Jia Rong also played a key role in drafting a 2022 report by the Financial Stability Board (FSB) and the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), which examined how central banks and financial supervisors were using scenario analysis to assess the financial risks arising from climate change.
These experiences have provided him with much food for thought on Singapore’s role in the international arena. “While Singapore may be small, we can play an important part in global discussions by exchanging ideas and experiences, building a shared consensus and helping to mobilise collective action,” he points out.
Since joining MAS, Jia Rong has had numerous opportunities to learn and grow on the job.
The wide range of in-house and external courses offered to MAS officers helped Jia Rong gain familiarity in areas such as financial technology (fintech) innovations and new accounting standards, keeping him up to date with the latest developments in the financial sector.
Additionally, the diverse backgrounds of MAS staff have helped to promote interdisciplinary learning, which is especially critical given the increasingly complex and cross-cutting nature of MAS’ work.
“As our staff bring expertise from fields including engineering, computer science, law and many more, our discussions are livelier and more robust,” he shares.
More recently, Jia Rong also had the chance to adopt generative artificial intelligence (GenAI) in his work at MAS.
“While GenAI has the potential to improve productivity by complementing existing job processes, stronger governance will be needed to ensure that GenAI is used responsibly,” he explains.
“While I do use GenAI to help with writing Python code or summarising research reports, reviewing GenAI outputs is crucial to ensure that they are reliable and accurate.”
Besides gaining technical knowledge, Jia Rong has also had the opportunity to be part of MAS’ internal mentorship programme, first as a mentee and then as a mentor himself.
“It has been enriching to hear my colleagues reflect on their professional and personal experiences, and I am glad that I have been able to pay it forward as well,” says Jia Rong.
“Many of my mentoring conversations have continued informally even after the mentorship periods ended – a testament to the collegial and supportive environment here at MAS.”
Reflecting on his career, Jia Rong is pleased with his decision to join MAS. “When I was a student, I knew I wanted to apply my interest in economics and finance in a way which would have a tangible impact on Singapore. Working at MAS has fulfilled that aspiration. It has provided me with many opportunities to develop and contribute. It’s been an incredibly rewarding journey.”
| About the MAS Undergraduate Scholarship Shape the future of financial markets with the prestigious Monetary Authority of Singapore (MAS) Undergraduate Scholarship. Study at top universities worldwide, gain unparalleled career opportunities and join a dynamic team driving innovation. It offers flexibility in your field of study and a guaranteed role with MAS upon graduation. |
The article is brought to you by the Monetary Authority of Singapore.
