Ravi Menon, the longest-serving chief of the Monetary Authority of Singapore (MAS), the central bank and financial regulatory authority of Singapore, is set to leave the institution.

According to media reports, Menon’s association with the MAS will come to an end on May 31. He has been heading the MAS since 2011.

If reports are to be believed, 59-year-old Chia Der Jiun is expected to succeed Menon as MAS chief. Jiun is currently serving as the Ministry of Manpower's permanent secretary for development.

Any official announcement is yet to be done by MAS. MAS is at the forefront of Singapore’s rapidly growing financial industry, creating new policies and initiatives that address the ever-changing landscape. 

The Public Service Division, which appoints top leaders across Singapore’s public agencies, has also not commented and denied having such information.