Mr Ong Ye Kung, Acting Minister for Education (Higher Education and Skills) and Senior Minister of State for Defence, has joined the Monetary Authority of Singapore (MAS) board of directors.
Mr Lawrence Wong, Minister for National Development, has stepped down as a director.
Mr Ong's term will run until May 31, 2019. Prior to his Cabinet appointments, he was director of group strategy at Keppel Corporation, overseeing long-term strategic planning.
Before joining Keppel Corporation, Mr Ong was deputy secretary- general of the National Trades Union Congress and was responsible for the labour movement's employment and employability schemes.
Mr Wong was appointed Second Minister for Finance last week, a post he will hold concurrently with his present role in heading the National Development Ministry.
He will help with the operational responsibilities at the Finance Ministry, with Mr Heng Swee Keat resuming his duties as Finance Minister on Aug 22, more than three months after he suffered a stroke.
Mr Wong was appointed to the MAS board on June 10, 2011.