Singapore’s Finance Minister Heng Swee Keat,  will assume the role of the Deputy Prime Minister, starting May 1, according to a statement from the Prime Minister’s officer.

Despite his added responsibilities, Keat will continue performing his role as the Minister for Finance and chair the Future Economy Council in addition to the National Research Foundation. Keat’s new role will involve filling in as the Acting Prime Minister whenever the Prime Minister Lee Hsien Loong is absent and/or is unable to perform the prime ministerial duties.

The current Deputy Prime Ministers, Teo Chee Hean and Tharman Shanmugaratnam will become Senior Ministers and continue to remain as members of the cabinet.

Hean will retain his previous role as the Coordinating Minister for National Security. Shanmugaratnam will assume new responsibilities as the Coordinating Minister for Social Policies.

“The next generation leadership is taking shape and progressively taking over from me and my older colleagues,” said Loong, Prime Minister of Singapore in a Facebook post. “The team is working closely together, building up public trust and confidence in their leadership.”

Hean had been the Deputy Prime Minister since 2009 and congratulated the new DPM and added that he will continue to work with the Cabinet and Heng on economic policies and Minister for Trade and Industry Chan Chun Sing.

“This is the Singapore way of ensuring smooth leadership transition, continuity and stability,” he added.

Shanmugaratnam will assume his new role as the Deputy Chairman of Singapore’s sovereign wealth fund GIC, starting May 1. He has been associated with the GIC since 2004 as a director and Chairman of Investment Strategies Committee since 2011. In his role as a Deputy Chairman, he will assist Loong, GIC Chairman in asset allocation and monitoring the investment’s portfolio performance in the long-term.