Appointment of New Chairman for the Accounting and Corporate Regulatory Authority Board

            The Minister for Finance has appointed Mr Ong Chong Tee as Chairman of the Accounting and Corporate Regulatory Authority (“ACRA”) Board with effect from 1 July 2022. Mr Ong will succeed Mrs Tan Ching Yee, who has served as Board Chairman since 1 April 2018.

2.         During her term, Mrs Tan led the ACRA Board in reviewing the strategic direction for ACRA, embarking on a multi-year transformation plan to accelerate ACRA’s shift from information provider to business enabler. ACRA also co-created innovative solutions for businesses with other Government agencies and partners and facilitated business growth through digitalisation and data. These moves enabled Singapore to remain as one of the best places in the world to start and conduct businesses.

3.         Under Mrs Tan’s stewardship, ACRA has reviewed various policies and implemented initiatives to improve the ease of doing business, reduce compliance burden, and strengthen public confidence in audit and financial reporting. With her strong support, ACRA also strengthened its capabilities in data analytics and digital technologies as well as sustainability reporting and assurance.

Mr Ong Chong Tee

4.         Mr Ong was appointed to the ACRA Board as Deputy Chairman on 1 April 2021. In his new role as the Board Chairman, Mr Ong will guide ACRA in continuing to provide a trusted and vibrant business environment in Singapore. In the coming years, ACRA will further strengthen its effectiveness as a corporate registry and regulator, and as developer of the accountancy sector when it is merged with the Singapore Accountancy Commission.

5.         Mr Ong was with the Monetary Authority of Singapore (MAS) from 1986 to 2021. He held senior positions in the areas of reserve management, central banking monetary operations and market development. He was MAS’ Deputy Managing Director of Financial Supervision, overseeing the financial sectors of banking, insurance, capital markets, payment services as well as technology and money laundering risks from 2014 to 2021. He is currently a member of the GIC Risk Committee. He was awarded the Public Administration Medal (Gold) in 2007 and Public Administration Medal (Gold) (Bar) in 2021 by the President of Singapore.

6.         The Ministry of Finance and ACRA welcome Mr Ong and would like to express their deep appreciation to outgoing Chairman, Mrs Tan Ching Yee, for her valuable contributions to the Board.

7.         The Board composition with effect from 1 July 2022 is at Annex A.

Issued by Ministry of Finance
Singapore
22 June 2022