Morgan Stanley's S-E Asia chief to be NTUC Income chairman

Insurer NTUC Income has appointed a new chairman to replace outgoing Stephen Lee Ching Yen, it announced yesterday.

Mr Ronald Ong Whatt Soon will take up the post on Jan 1.

Mr Ong is the chairman and chief executive for South-east Asia at Morgan Stanley, where he has worked for 20 years in various roles.

He joined the NTUC Income board in August and is a director at NTUC FairPrice Cooperative and Next 50.

Mr Ong is a member of the Singapore Exchange's Listings Advisory Committee and serves on the advisory boards of the Lee Kong Chian School of Business and the Sim Kee Boon Institute for Financial Economics, both at the Singapore Management University.

Previously, he was on the Securities Industry Council and a member of the 1st Capital Markets Committee of the Monetary Authority of Singapore.

NTUC Enterprise chairman Lim Boon Heng said: "I am confident that (Ronald) will lead Income to greater success, delivering value and accessibility of insurance to all Singaporeans."


Mr Lim also thanked Mr Lee for his work over the past five years. "Under his stewardship, Income continues to stay true to its mission and has made significant progress to become a digital insurer."

Mr Lee said: "Steering Income over the last five years has been challenging and rewarding. Income today is a progressive social enterprise and market leader. This will not be possible without the unwavering support of my fellow directors and I would like to thank them for their commitment.

"With Ronald taking the helm as chairman, I have no doubt that Income's momentum for growth and transformation will continue."

NTUC Income CEO Ken Ng said the insurer will benefit from Mr Ong's experience and he looks forward to working with him to "accelerate digitalisation, innovation and growth at Income".

Mr Ong said: "It is a great honour to serve Income as its chairman, catering to the financial and protection needs of two million policyholders. I look forward to working with my fellow directors... building on Income's trusted value proposition as a social enterprise."

A version of this article appeared in the print edition of The Straits Times on December 18, 2018, with the headline 'Morgan Stanley's S-E Asia chief to be NTUC Income chairman'. Print Edition | Subscribe