SINGAPORE - Mr Michael Wong Pakshong, the first managing director of the Monetary Authority of Singapore (MAS), died on Wednesday morning aged 86.
The MAS said in a statement that its staff and management were saddened by the news and offered condolences to Mr Wong Pakshong's family.
Mr Wong Pakshong was MAS' managing director from 1971 to 1981.
"He laid the foundations for MAS as a central bank and integrated financial regulator," the MAS noted in a statement on Wednesday evening.
"He helped to steer MAS through its crucial formative years, navigating a turbulent global environment marked by the collapse of the Bretton Woods system, global recession, and double-digit inflation."
The central bank added that under Mr Wong Pakshong's stewardship, MAS instituted a robust regulatory and supervisory regime that has become a hallmark of MAS.
"MAS' pioneer generation under Mr Wong Pakshong's leadership also laid the groundwork for Singapore's development as an international financial centre, bringing in global banks, supporting the growth of the local banks, and creating the Asian dollar market."
Mr Wong Pakshong had served with unstinting dedication and integrity, it added.