Richard Hu, S’pore’s longest-serving finance minister, dies at 96

He oversaw the reform of Singapore’s financial and banking sectors, which included privatising the Post Office Savings Bank and selling it to DBS Bank.

“His wisdom and foresight shaped our key policies, including the GST, which created a more resilient tax base for Singapore and boosted our international competitiveness,” he wrote. The agency noted that Dr Hu emphasised the high standards of financial regulation and supervision that Singapore is known for.

“Many of the older staff in MAS fondly remember Dr Hu for his wise and steady leadership,” added MAS.

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