When he accepted the Monetary Authority of Singapore (MAS) Undergraduate Scholarship after his A levels, Fan Jia Rong, now 32, 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.
Today, Jia Rong is part of the Monetary and Domestic Markets Management Department that implements Singapore’s exchange rate-centred monetary policy.
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. In doing so, he and his team help to keep Singapore’s inflation low and stable, supporting sustainable economic growth.
“What I enjoy most about this job is having my finger on the pulse of 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.
For instance, 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.
“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.
More recently, Jia Rong learnt and applied generative artificial intelligence (GenAI) in his work, through partnerships with leading financial institutions, as part of efforts to drive the adoption of quantitative analytics in MAS’ Markets and Investment Group.
Jia Rong was also part of the MAS team that participated in Bloomberg’s inaugural Code Crunch Singapore Hackathon in October 2025, winning both the Judges’ Pick and the Most Popular Award for their GenAI-powered dashboard that analyses, quantifies and visualises market-moving news to help inform investment decisions.
“MAS’ strong teamwork culture and collegial environment were especially conducive for our team’s experimentation and ideation process, as we explored potential GenAI use cases for market surveillance and portfolio analysis,” Jia Rong says.
“We are looking forward to collaborating with other teams in MAS to operationalise such GenAI workflows and make them more reliable and robust.”
Since joining MAS, Jia Rong has had numerous opportunities to learn and grow on the job. He started off as an economist in the Macroprudential Surveillance Department, where he analysed market developments to assess the financial sector’s resilience to economic and financial shocks.
He now applies and refines these analytical techniques in the Monetary and Domestic Markets Management Department, where he monitors the foreign exchange market.
The wide range of in-house and external courses offered to MAS officers has also helped Jia Rong gain familiarity in areas such as financial technology innovations and new accounting standards, keeping him up to date with the latest developments in the financial sector.
“I wanted to apply my interest in economics and finance in a way which would have a tangible impact on Singapore. Working at MAS continues to fulfil that aspiration.”
– Fan Jia Rong, recipient of the MAS Undergraduate Scholarship
Additionally, the diverse background of MAS staff has 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.
Besides gaining technical knowledge, Jia Rong has also had opportunities 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.
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 continues to fulfil that aspiration. It keeps providing me with many opportunities to develop and contribute. It’s been an incredibly rewarding journey.”
| About the MAS Undergraduate Scholarship The MAS Undergraduate Scholarship offers outstanding individuals a fulfilling career that impacts the Singapore economy, supports regional development and connects global markets. |
This article is brought to you by MAS.
