A generational change is taking place in the Southeast Asian financial metropolis of Singapore. Lee Hsien Loong, the long-time prime minister and son of state founder Lee Kuan Yew, is stepping down in mid-May. His designated successor is both a financial expert and a passionate rock 'n roller.
In the mostly effectively functioning city-state of Singapore, this change at the political top is particularly significant. Lee Hsien Loong was not only Prime Minister of Singapore for 20 years, but also the son of the legendary founder of the state, Lee Kuan Yew, who wrote the success story of this micronation before he died in 2015 at the age of 92.
All the more so, a large and heavy legacy weighed on the son's shoulders. Nevertheless, he managed to steer the small country through economic and political turmoil. In particular, he managed to continue the delicate but successful tightrope walk in relations with both China and the US, which was not always easy, including recent dealings with Donald Trump or Xi Jinping, for example.
Swiss Banking Contact Point
Over the past 20 years, Singapore has developed into a leading international financial hub in Asia, alongside Hong Kong. Political stability, a reliable legal framework, a modern infrastructure, English as the official language and the constant claim to only be satisfied with the best have made and continue to make the Southeast Asian city-state an increasingly important contact point for many Swiss banks and asset managers.
Singapore's rulers also managed to hold themselves harmless in both the 1MDB corruption scandal and last year's money laundering debacle involving Chinese fraudsters. They’ve used these events to strengthen financial market supervision, introduce regulations and encourage the industry to be even more vigilant.
Urgent Search
Lee Hsien Loong, now 72, announced a few years ago that he would like to step down soon. But then COVID came and top contender Heng Swee Keat was no longer an option after he suffered health problems. This made the search for another, suitable future Prime Minister all the more urgent. In the aftermath of the pandemic, it became increasingly apparent that Lawrence Wong would be the ideal successor.
51-year-old Lawrence Wong Shyun Tsai is of Chinese descent (Hainan) but Singaporean through and through. He grew up with a middle-class background and after studying economics, he entered the civil service to take on a wide variety of functions over the years, notably as a close colleague of Lee Hsien Loong. His financial knowledge came in handy as an economist, including during the Asian crisis of 1997 when he worked for the Ministry of Trade and Industry.
Recent Finance Minister
He entered politics in 2011, gradually climbing the career ladder within the ruling People's Action Party (PAP) to become a parliamentarian and subsequently filling various ministerial positions. Since 2021, he has been Singapore's Finance Minister and, therefore, also chairman of the Monetary Authority of Singapore.
Wong is married for the second time and has no children. He is considered an eloquent and convincing speaker, a figurehead and a brilliant economist. But at the same time, he remains approachable and down-to-earth in many respects. He indulges in hobbies that many Singaporeans can identify with: dogs, motorcycles and music, especially as a rock 'n roller who regularly shows off his guitar skills.
«Many of you know that I like to play the guitar to unwind,» he said during a recent performance at a local club.
Singapore Firmly in the Hands of Financial Experts
On 6 June 2022, Wong was named Deputy Prime Minister, meaning it was only a matter of time – and health – before he would succeed Lee Hsien Loong. This will now happen on 15 May 2024, as the authorities announced on Monday.
This means that Singapore will have two proven financial experts in the two most important political offices: Tharman Shanmugaratnam as President of Singapore (formerly Finance Minister) and Wong as Prime Minister.
