When the 2008 financial crisis hit, Elliot Yeo saw people he cared about impacted by the recession. That experience got him thinking about the role government policies could play in protecting people during difficult times – a question that would eventually lead him to work at the Monetary Authority of Singapore (MAS).
“Seeing the effects of the economic downturn on those around me was a key reason why I wanted to be involved in building stronger safety nets for people in Singapore,” says Elliot.
Drawn by the opportunity to shape the future of finance for Singapore, he decided to take up the MAS Undergraduate Scholarship in 2014. As the nation’s central bank and financial regulator, MAS plays a key role in maintaining monetary and financial stability while supporting the development of the financial sector.
Now a deputy director in the Payments Department at MAS, Elliot and his team develop policies for a fast-growing payments sector in Singapore to ensure that digital payments remain secure and trusted in the face of industry innovation and developments.
These include formulating regulatory frameworks for newer developments such as the use of stablecoins for payments, and implementing safeguards against scams. On the latter, Elliot’s team works closely with the financial industry on anti-scam measures to better protect consumers’ monies and prevent the laundering of scam proceeds through Singapore’s financial system.
“MAS is often at the forefront of efforts to address emerging risks. There is no lack of excitement and learning opportunities,” says Elliot. “The issues we face are complex. That is why we have to constantly reflect on whether our policies are relevant and appropriately calibrated. There is a clear public good that we work towards, and we are encouraged to see our efforts having a tangible impact on people’s livelihoods.”
Elliot began his MAS journey by taking up the scholarship to read law at the National University of Singapore. Upon graduating in 2018, he went on to acquire his master’s degree in law and accounting from The London School of Economics and Political Science the following year.
“MAS was supportive of my decision to pursue a law degree, which was a less conventional choice for undergraduate scholars at the time,” says Elliot. “The legal training has been greatly beneficial to our work in shaping regulatory policy. It has also sharpened my writing skills and thought process when tackling complex issues.”
During his seven years at MAS, Elliot has had the opportunity to be involved in different areas of financial supervision and regulation.
In his first role in banking supervision, he saw how a supportive and financially resilient banking sector could positively impact the Singapore public. This was evident during the Covid-19 pandemic when MAS and banks rallied to implement relief measures to support businesses and consumers facing cash-flow pressures.
In his current position with the Payments Department, Elliot appreciates the opportunity to hone his policymaking skills to regulate the rapidly developing payments sector while supporting innovation.
“I’ve had fantastic experiences in both the Banking and Payments Departments. My team is encouraged to be creative and forward-looking in shaping policies. It is exciting to pioneer regulatory frameworks for our payments sector,” he shares.
MAS’ diverse functions provide many development opportunities for its officers. “Staff are given opportunities to engage in different areas of work and broaden our perspectives,” he notes.
MAS also encourages continuous learning with a robust programme to equip new officers, while offering training programmes and sponsorships to encourage staff to upskill and reskill.
“I wanted to be involved in building stronger safety nets for people in Singapore.”
– Elliot Yeo, recipient of the MAS Undergraduate Scholarship
Elliot also appreciates the people-centred culture and focus on the collective team effort at MAS.
“I have greatly benefited from mentors journeying with me, a few of them since my university days. Their perspectives on work and life have shaped my view on the kind of public servant I would like to be,” he says.
“Moreover, in MAS, we have a healthy culture of attributing good work to the team and not just taking individual credit. This is something that resonates with me.”
For those considering a career with MAS, Elliot says: “MAS is like a large family where we can find purpose and value through our work. With the right mindset and values, it is a place where we can develop a long-term career.”
| 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 provided by the Monetary Authority of Singapore.
