Elizabeth Sam was instrumental in shaping Singapore’s early reserves management strategy as she rose through the ranks at the Ministry of Finance. — The Straits Times
SINGAPORE: Veteran banker Elizabeth Sam, who played a key role in Singapore’s growth as a financial centre, died on Monday. She was 84.
Sam was hospitalised in early September, said her son, Sherman Sam, 57, adding that doctors wanted to run tests for cancer, but her exact cause of death was not confirmed when she died.
An economics graduate from what was the University of Singapore, she was among the first few female administrative officers to join the Finance Ministry in 1963.
She was instrumental in shaping Singapore’s early reserves management strategy as she rose through the ranks to take on roles such as deputy secretary in the economic development division and director of overseas investment. She was part of the founding team of the Monetary Authority of Singapore (MAS) in 1971.
She was the central bank’s chief manager of investments and exchange control, which was later renamed its international department, becoming second-in-command to MAS’ first managing director Michael Wong Pakshong.
Together with former finance ministers Goh Keng Swee and Hon Sui Sen, the MAS leaders helped to put Singapore on the world map as a financial hub through the development of the foreign exchange market and the Asian Dollar Market, among other initiatives.
Former MAS executives who knew Sam said she was a nurturing mentor and a role model as a trailblazer and woman leader in finance.
Former presidential candidate Ng Kok Song said: “Without Elizabeth, I wouldn’t be where I am today. She gave me a big break in my life professionally.”
Sam, who was his first boss at the Finance Ministry before supervising him at MAS, gave him opportunities to use his mathematical skills while guiding him with her economics background.
She was a demanding boss, but she also gave him due credit during her meetings with the finance minister, he recalled.
When Ng was just 25, Sam and Wong sent him to London to head the central bank’s first overseas office.
“That was a big break for me because it helped me learn in London what a financial centre was about and also how to develop a lot of relationships,” said the former GIC investment chief.
He last met Sam in August, when she agreed to be his character referee for the presidential election.
Ng said: “She taught me that in whatever work you do, what you know is important, but equally important is who you know and the ability to build relationships with people who can help you.”
Sam, who was nicknamed “Ms MAS”, was always a picture of elegance, at times coming to work in stylish gowns, said Ong-Ang Ai Boon, director of the Association of Banks in Singapore, who worked in MAS’ development unit and often had to clear her work with Sam.
“She was so admired not because of her looks or dressing but because of her professionalism.”
Ong-Ang added: “She was sharp and quick-witted, and gentle yet forceful without throwing her weight around. I realised from her that you can actually be very feminine in a man’s world and get their respect by being able to do your work and knowing your work well.” — The Straits Times/ANN
