Jia Rong is an Assistant Director in the Monetary and Domestic Markets Management Department at the Monetary Authority of Singapore (MAS). He is a recipient of the MAS Undergraduate Scholarship, and holds a Bachelor of Science in Economics from the London School of Economics and Political Science and a Master’s in Finance from Princeton University.
When Fan Jia Rong accepted the Monetary Authority of Singapore (MAS) Undergraduate Scholarship after his A-Levels, he knew he was embarking on a career path that would be both unique and impactful.
“MAS stood out to me because of its multifaceted role—as a central bank, integrated financial regulator, and developer of Singapore as an international financial centre,” said Jia Rong. “Working at MAS not only offers a bird’s-eye view of the financial system amid ever-changing global developments, it also provides the opportunity to contribute meaningfully to the financial sector, the broader economy, and ultimately, the lives of Singaporeans.”
Supported by the MAS Undergraduate Scholarship, Jia Rong pursued a Bachelor of Science in Economics at the London School of Economics and Political Science, followed by a Master’s in Finance from Princeton University.
Today, he is part of the Monetary and Domestic Markets Management Department under MAS’ Markets and Investment Group, which implements Singapore’s exchange rate-centred monetary policy.
By managing the trade-weighted Singapore dollar exchange rate within MAS’ policy band, Jia Rong and his team help to keep Singapore’s inflation low and stable, supporting sustainable economic growth.
As part of his role, Jia Rong closely monitors economic and financial market developments, gathers market intelligence, and buys or sells foreign exchange when needed to implement Singapore’s monetary policy.
No two days at work are ever the same for Jia Rong. “What I enjoy most about this job is having my finger on the pulse of financial markets every day. They’re fast-moving and dynamic, and there are always new opportunities and challenges to watch out for,” he shared.
Working at MAS has helped bring to life the concepts that Jia Rong learnt in school. “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 to now be in the trading room where it actually happens,” he recalled.
Tackling Global Challenges
Beyond implementing monetary policy, Jia Rong has had the opportunity to work closely with MAS leadership and represent the institution on the international stage, addressing a range of critical global issues.
In 2023, he contributed to 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.
Additionally, Jia Rong played a key role in drafting a 2022 report by the Financial Stability Board (FSB) and the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). The report focused on how central banks and financial supervisors were using scenario analysis to assess the financial risks arising from climate change.
“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 pointed out.
Fan Jia Rong
Growing Through Continuous Learning
Since joining MAS, Jia Rong has had numerous opportunities for learning and growing.
For instance, the wide range of in-house and external courses offered to MAS officers has enabled him to gain familiarity in areas such as financial technology (FinTech) innovations and new accounting standards, keeping him at the forefront of the latest developments in the financial sector.
Additionally, the diverse backgrounds of MAS staff have fostered strong interdisciplinary learning, which is especially critical given the increasingly complex and cross-cutting nature of the institution’s work. “Our staff bring expertise from fields including engineering, computer science, law and more, which makes our discussions livelier and more robust,” he noted.
More recently, Jia Rong has explored the use of generative artificial intelligence (GenAI) in his work. “GenAI has the potential to improve productivity by complementing existing job processes, but stronger governance will be necessary to ensure it is used responsibly,” he explained. “I use GenAI to help with writing Python code and summarising research reports. However, reviewing GenAI outputs is crucial to ensure that they are reliable and accurate.”
Beyond gaining technical knowledge, Jia Rong has also benefitted from MAS’ internal mentorship programme—both as a mentee and as a mentor. “It has been enriching to hear my colleagues reflect on their professional and personal experiences, and I am glad to have been able to pay it forward,” Jia Rong highlighted. “Many of my mentoring conversations have continued informally even after the mentorship periods ended—a testament to the collegial and supportive environment at MAS.”
Reflecting on his journey, Jia Rong remains positive about 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 that would have a tangible impact on Singapore. Working at MAS has fulfilled that aspiration. It has provided me with many opportunities to grow and contribute. It’s been an incredibly rewarding journey.”
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. Apply for the Scholarship and take the first step towards a career in finance with purpose.
