He spearheaded many of the most impressive public policy achievements in Singapore: Economic Development Board (EDB), the Development Bank of Singapore (DBS), the Jurong Industrial Estate.
His thoughts on economic growth contrasted sharply with the vast majority of his counterparts in other Third World governments. His decidedly conservative approach to public finance stands out.
Together with Lee Kuan Yew in 1965, they decided that Singapore's central bank, Monetary Authority of Singapore will not have currency issuing power. Singapore remained one of few independent states to issue currency under a currency board until 2003.
He was instrumental in the founding of Monetary Authority of Singapore (MAS). He "undertook major restructuring of MAS' key functions - monetary policy, reserve management, and supervision and development of the financial sector".
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