During his junior college days, Andrew was fascinated by complex economic issues and the role of policymaking in addressing them. A defining moment came when he read ‘The Big Short’ by financial journalist Michael Lewis, which chronicled the collapse of the US housing bubble that led to the Global Financial Crisis.

“I was struck not only by the complexity of financial markets, but also the role of suboptimal policy decisions, which together resulted in the unravelling of the crisis,” he recalled. “This piqued my interest in a career where I could make a tangible impact on financial markets through policy.”

This curiosity led Andrew to the MAS Undergraduate Scholarship. Through the scholarship, he pursued a bachelor’s in political economy at King’s College London and a master’s in finance and economics at the London School of Economics and Political Science.

Creating Real-World Impact

In his second year of university, Andrew interned at MAS, working on a project examining the impact of ‘dark trading’ — financial trades that take place outside an exchange. His research contributed to an MAS staff paper that helped guide policymaking.

After graduating in 2019, Andrew worked in financial supervision within MAS’ Capital Markets Group, the mandate of which includes ensuring the safety and resilience of financial institutions in Singapore, and mitigating risks to investors and the broader financial system. Andrew’s responsibilities included running detailed risk assessments of supervised entities such as exchanges and clearing houses, ensuring proper controls were in place.

In 2023, he moved to the policy team within the Capital Markets Group, where he helps shape policies that govern the way MAS regulates and supervises the capital markets in Singapore, as well as the entities that operate in these markets.

Shaping the Future of Finance

Andrew now has a front-row seat to the fast-evolving world of capital markets. He is part of the team which represents MAS at the International Organization of Securities Commissions (IOSCO) through a high-level Fintech Task Force chaired by MAS. The team works on global standards for digital assets, artificial intelligence, and other emerging technologies that could pose new risks to investors and markets.

“Given the global cross-border nature of today’s capital markets, our international work is important for sharing our approach to regulating digital assets and influencing international policy formulation,” he said. “I am proud to be on the team advancing Singapore’s interests at the international level.”

Beyond international engagement, Andrew monitors emerging developments such as digital assets and distributed ledger technology, calibrating MAS’ policy response where necessary. He shared, “If a novel business model emerges that doesn’t fit existing frameworks, we ask: what new risks does it create, and how do we address them?”

Striking the Right Balance

For Andrew, strong, well-regulated capital markets are key to a vibrant economy. “I look at not just financial risks — which cover market, liquidity and credit risks — but also other kinds of emerging risks, including operational, technology, legal and regulatory risks,” he explained.

At the same time, excessive regulation can stifle innovation. Blockchain and other technologies are transforming how financial instruments are issued, traded, and managed. Take tokenisation, for example: while it expands access to financial assets and lowers trading costs, it also carries risks like manipulation and fraud.

To create a regulatory environment that fosters innovation while mitigating risks, Andrew stays abreast of new developments. His academic background has proven invaluable, and he leverages the expertise of colleagues from diverse fields. “For example, in policy work, colleagues with legal training help us understand regulations in other countries and compare them with Singapore’s policies,” he highlighted.

All fresh hires, regardless of background, also undergo extensive training to develop the foundational skills needed as MAS officers.

Andrew’s journey from a curious student to a key player in Singapore’s financial landscape exemplifies the opportunities offered by the MAS Scholarships. Whether you’re still in school or already partway through university exploring a passion for finance, MAS offers scholarship options to support your journey. For those passionate about shaping Singapore’s financial centre, the MAS Scholarships offer a pathway to a purposeful career in finance.

About the MAS Scholarships

The MAS Undergraduate Scholarship is tenable for study in any discipline (except for Medicine, Dentistry and Architecture) at any reputable university, in Singapore or overseas. MAS also offers mid-term scholarships for students already in university, providing opportunities at various stages of academic progression.