Saktiandi Supaat

Saktiandi bin Supaat (Jawi: سقتيند سوڤات; born 28 October 1973) is a Singaporean politician and economist who has been a Member of Parliament (MP) since 2015. A member of the governing People's Action Party (PAP), he represents the Toa Payoh East division of the Bishan–Toa Payoh Group Representation Constituency (GRC).

Saktiandi bin Supaat

سقتيند سوڤات
Current Role	• MP for Bishan–Toa Payoh GRC •
Personal details
Party	PAP

Saktiandi's public career is distinguished by his dual roles as a legislator and a senior banking executive. His professional life is deeply rooted in economics and finance, beginning with a decade-long tenure at the Monetary Authority of Singapore (MAS) before transitioning to the private banking sector, where he currently serves as Executive Vice President and Head of Foreign Exchange (FX) Research at Maybank. This career path exemplifies a model of political leadership in Singapore where accomplished professionals from key economic sectors are recruited into governance. His roles as a senior banker and an MP are not separate but are deeply intertwined, with his professional expertise forming the bedrock of his political contributions and policy focus.

In Parliament, Saktiandi is the Chairman of the Government Parliamentary Committee (GPC) for Transport and a member of the Public Accounts Committee. His legislative work frequently draws upon his economic background, with a focus on financial policy, transport infrastructure, and workplace fairness.

In accordance with Malay naming conventions, the name "Supaat" is a patronymic, not a family name. He is referred to by his given name, Saktiandi.

Early Life and Education

Saktiandi was born in Singapore on 28 October 1973. He received his early education at institutions associated with Singapore's academic elite, attending Henry Park Primary School from 1980 to 1985 and Raffles Institution from 1986 to 1989 for his GCE 'O' Levels. He subsequently completed his GCE 'A' Levels at Catholic Junior College from 1990 to 1991.

His tertiary education began in Australia, where he graduated from the University of Melbourne in 1998 with a Bachelor of Commerce with Second Class Upper Honours in Finance. This provided his foundational knowledge in international finance. Upon returning to Singapore, he furthered his specialization by earning a Master of Social Sciences in Applied Economics from the National University of Singapore between 2001 and 2003, a period that overlapped with his early career at the Monetary Authority of Singapore (MAS).

His pursuit of a Master of Business Administration (MBA) at the University of Cambridge's Judge Business School from 2007 to 2008 marked a significant milestone. He graduated with High Distinction, supported by a prestigious MAS Postgraduate Development Scholarship awarded in 2007. He was also a recipient of the Director's Scholarship from the Judge Business School in 2008. The awarding of such scholarships by Singapore's statutory boards is typically a strategic investment in individuals identified as having high potential for future leadership roles within the nation's economic governance framework. This early institutional backing signaled his path as a rising figure in Singapore's public financial sector, a trajectory that was confirmed by his promotion to a leadership position within MAS upon his return.

Professional Career: An Economist in Public and Private Sectors

Saktiandi has maintained a concurrent career as a professional economist alongside his political duties. This dual-track career provides him with a unique perspective, bridging public policy formulation with private market analysis.

Monetary Authority of Singapore (1999–2010)

Saktiandi began his professional career in 1999 at the Monetary Authority of Singapore (MAS), the country's central bank and financial regulator. Over more than a decade, he progressed steadily through its ranks, demonstrating a deep expertise in macroeconomic policy. His career progression was as follows:

• Economist, Financial and Special Studies Division, Economic Department (1999–2001)
• Senior Economist, Economic Policy Department (2001–2007)
• Lead Economist (Deputy Director), Economic Policy Department (2007–2010)

During his time at MAS, his work was central to Singapore's economic management. His key responsibilities included shaping and analyzing Singapore's financial strategy, with a focus on macro-econometric modeling, foreign exchange markets, and the Singapore dollar exchange rate policy. Macro-econometric models, such as MAS's Monetary Model of Singapore (MMS) and Satellite Model of Singapore (SMS), are complex systems used for policy simulation and forecasting, and his involvement underscores the highly technical nature of his role. His expertise in this area is also reflected in his academic work, including a 2007 NBER working paper he co-authored titled "Fertility and the Real Exchange Rate".

Private Sector Banking (2010–Present)

In 2010, Saktiandi transitioned from the public sector to private banking, a move that provided him with direct market-side experience. This career transition from a public sector regulator to a private sector analyst is a defining feature of his professional profile. It has afforded him a rare 360-degree perspective on the Singaporean economy, having been involved in both the formulation of monetary policy at MAS and the market-side analysis of its impacts. This dual experience provides the foundation for his authority when speaking on economic matters in Parliament, allowing him to address not only the government's policy intent but also the practical reactions and concerns of financial markets.

His first role in the private sector was at the United Overseas Bank (UOB) Group from 2010 to 2011, where he served as Vice President and Head of Senior Treasury Economist in the Global Markets, Treasury-Economic Research unit.

In 2011, he joined Maybank, where he has built a long-term career. He has held progressively senior roles, including Vice President (2011-2013), Senior Vice President (2013-2015), and his current position of Executive Vice President in Global Markets, Global Banking. He serves as the Head of FX Research, leading a team of strategists who analyze financial markets and provide forecasts and trading recommendations on global currencies, with a focus on G7 and emerging Asian markets. In this capacity, he is a prominent and frequently quoted analyst on currency trends, with his commentary and his team's research reports appearing in financial news media and official Maybank publications.

Political Career

Saktiandi's entry into politics in 2015 was a continuation of his public service trajectory, moving from economic policy implementation to legislation.

Entry into Politics and Electoral Record

On 12 August 2015, the People's Action Party (PAP) formally introduced Saktiandi as a new candidate for the Bishan–Toa Payoh GRC in the 2015 general election. He was part of a five-member team led by then-Defence Minister Ng Eng Hen, which included other new faces like Chee Hong Tat and Chong Kee Hiong, replacing retiring MPs Wong Kan Seng, Hri Kumar, and Zainudin Nordin. The PAP team contested against the Singapore People's Party (SPP) and won decisively, securing 73.59% of the votes. This victory elected Saktiandi to the 13th Parliament of Singapore, representing the Toa Payoh East-Novena division of the GRC.

In the 2020 general election, he was re-elected for a second term. The Bishan-Toa Payoh GRC was redrawn as a four-member constituency following the carving out of Marymount as a Single Member Constituency. The PAP team, again led by Ng Eng Hen, garnered 67.26% of the valid votes against the SPP, with Saktiandi continuing to serve the Toa Payoh East ward.

Table 1: Electoral History

Election	Constituency	Team	Party	Votes	% of Vote	Opponent
2015	Bishan-Toa Payoh GRC	Ng Eng Hen, Josephine Teo, Chee Hong Tat, Chong Kee Hiong, Saktiandi Supaat	PAP	86,514	73.59%	Singapore People's Party
2020	Bishan-Toa Payoh GRC	Ng Eng Hen, Chee Hong Tat, Chong Kee Hiong, Saktiandi Supaat	PAP	62,983	67.26%	Singapore People's Party

Sources:

Parliamentary Roles and Policy Focus

In Parliament, Saktiandi has held several key appointments that leverage his professional expertise. In the 14th Parliament (2020–present), he was appointed Chairman of the Government Parliamentary Committee (GPC) for Transport, making him a leading parliamentary voice on national transport policy. He also serves on the influential

Public Accounts Committee, which scrutinizes government expenditure. During his first term in the 13th Parliament, he was a member of the GPCs for Finance, Trade & Industry; National Development; and Culture, Community & Youth, reflecting his broad policy interests.

His parliamentary work is characterized by a focus on economic, financial, and transport issues. He has moved two adjournment motions: one in November 2019 on enhancing the role of the Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP) to tackle workplace discrimination, and another in October 2022 on helping Singaporeans navigate a high-interest rate environment.

He frequently raises parliamentary questions on subjects directly related to his professional domains, including:

• Transport Policy: He has spoken extensively on public bus safety, long-term rail reliability and financing, the adoption of new technologies like autonomous vehicles and battery-swapping for motorcycles, and the competitiveness of Singapore's maritime port.
• Economic and Financial Issues: He has questioned the government on the impact of rising interest rates, the performance of sovereign wealth fund Temasek Holdings, the need for responsible marketing by FinTech companies, and strategies to manage the cost of living.
• Workplace Fairness: He has been a consistent advocate for fair employment, contributing to debates on the Employment Act and the landmark Workplace Fairness Bill passed in 2025.

Community and Grassroots Involvement

Alongside his professional and political duties, Saktiandi has been deeply involved in community and grassroots organizations for over a decade. He has served as a member and Vice-Chairman of the Bishan-Toa Payoh Town Council since his election in 2015.

He has also held significant leadership roles within the Malay/Muslim community. He was the President of Young AMP, the youth wing of the Association of Muslim Professionals (2010–2013), and later served as a Board Director of AMP (2011–2013). He is a board director at the self-help group Yayasan MENDAKI and has chaired the steering committee for the Malay/Muslim Community Leaders' Forum (CLF) Labs.

His economic expertise has led to appointments on numerous national-level boards and panels, including the boards of SPRING Singapore (now Enterprise Singapore) and the Civil Service College, the CPF Advisory Panel, the Charity Council, and the REACH Supervisory Panel.

Table 2: Key Career and Public Appointments

Appointment	Organisation	Period
Professional Career
Lead Economist (Deputy Director)	Monetary Authority of Singapore	2007–2010
Vice President, Senior Treasury Economist	United Overseas Bank Group	2010–2011
Executive Vice President, Head of FX Research	Maybank Group	2015–Present
Political Career
Member of Parliament	Parliament of Singapore	2015–Present
Vice-Chairman	Bishan-Toa Payoh Town Council	2015–Present
Chairman, GPC for Transport	Parliament of Singapore	2020–Present
Member, Public Accounts Committee	Parliament of Singapore	2020–Present
Community Leadership
President, Young AMP	Association of Muslim Professionals	2010–2013
Chairman, CLF Labs Steering Committee	Malay/Muslim Community Leaders' Forum	2011–Present
Director, Board Member	Yayasan MENDAKI	2015–Present
Vice-Chairman	Central Singapore CDC	2015–Present
Board Member	TAFEP	2019–Present

Sources:

Public Discussions and Debates

Throughout his political career, Saktiandi has been a prominent voice in several key public policy debates, often drawing on his economic background to articulate the government's position. His arguments typically reflect a pragmatic, risk-averse, and institutionalist approach consistent with the PAP's governing philosophy. His role in these debates is often to defend and explain the rationale behind established policies against alternative viewpoints.

Debate on National Reserves Transparency (February 2021)

One of the most notable public debates involving Saktiandi occurred in February 2021 concerning the transparency of Singapore's national reserves. The discussion was initiated when Non-Constituency MP Hazel Poa of the Progress Singapore Party (PSP) called for more information on the actual size of the reserves to be made available to Parliament.

Saktiandi spoke strongly against full disclosure. Drawing on his experience at MAS, he argued that publicizing the exact figures would be "akin to revealing the size of our ammunition, to hedge funds and speculators". His position, rooted in his experience as a central banker, prioritized systemic stability and risk aversion. He contended that Singapore's unique reliance on an exchange-rate-centered monetary policy makes it particularly vulnerable to speculative attacks on its currency. He cited his "lived experience" of the 1997 Asian Financial Crisis as evidence of the real-world dangers, stating that the impact of currency attacks "can never be stabilising" and has severe ramifications for the economy and jobs.

This view was challenged by Workers' Party MP Jamus Lim, an associate professor of economics. Lim countered that greater transparency could encourage "stabilising speculation," where market participants, knowing the fundamental strength of the economy, might act in ways that correct temporary currency misalignments. The exchange, which was covered by various media outlets including

The Online Citizen , highlighted a fundamental philosophical difference in economic management: Saktiandi's institutionalist-practitioner approach focused on protecting the system versus an academic-market approach favoring transparency for market efficiency.

Perspectives on Employment Legislation

Saktiandi has been an active participant in shaping Singapore's employment laws, consistently advocating for a balanced approach that protects workers while considering the operational realities faced by businesses, especially Small and Medium Enterprises (SMEs).

During parliamentary debates in 2018 on amendments to the Employment Act, he articulated the concerns of employers regarding potential administrative burdens and costs. While supporting stronger protections against wrongful dismissal, he called for greater flexibility in areas like mandatory leave and remote work arrangements to help SMEs remain competitive. This stance reflects the tripartite model of governance in Singapore, which seeks to find common ground between government, employers, and unions.

He was also a key voice during the debate on the landmark Workplace Fairness Bill in 2025. He highlighted the real-world challenges of discrimination faced by his constituents, particularly raising concerns about racial and religious discrimination against Malay-Muslims in hiring and at the workplace. While championing the need for the legislation, he also explained the government's prudent approach of starting with five key protected characteristics (age, nationality, sex/family status, race/religion, and disability), which account for over 95% of discrimination complaints handled by TAFEP.

Views on Economic Pressures and Cost of Living

As an economist, Saktiandi frequently weighs in on policies related to the cost of living and inflation. During the 2021 debate on extending the Goods and Services Tax (GST) to low-value imported goods, he acknowledged the policy's logic in leveling the playing field for local businesses. However, he also voiced the concerns of lower-income households, noting that for them, "every cent in savings counts," and that the timing, coupled with a planned GST hike, could feel like a "double whammy" for consumers still recovering from the pandemic's economic impact.

In a 2022 public communication, he used a "moat" analogy to explain the government's multi-pronged strategy against inflation. He described the strong Singapore dollar policy—which dampens imported inflation—and targeted government support schemes as a defensive "moat" protecting the country from external "fires" like global supply chain disruptions and geopolitical conflicts. This illustrates his role in translating complex economic concepts for a broader public audience.

Personal Life

Saktiandi is married and has three children. His reported hobbies include reading, rugby, golf, and street photography.

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References

15th Parliament

MP  : Hazlina Abdul Halim   ●   Syed Harun Alhabsyi   ●   Ang Wei Neng   ●   Baey Yam Keng   ●   Cai Yinzhou   ●   Chan Chun Sing   ●   Chee Hong Tat   ●   Charlene Chen   ●   Elysa Chen   ●   Edward Chia Bing Hui   ●   Desmond Choo   ●   Choo Pei Ling   ●   Chua Kheng Wee Louis   ●   Eric Chua   ●   Dinesh Vasu Dash   ●   Darryl David   ●   Christopher de Souza   ●   Fadli Fawzi   ●   Foo Cexiang   ●   Grace Fu Hai Yien   ●   Gan Kim Yong   ●   Gan Siow Huang   ●   Gho Sze Kee   ●   Gerald Giam Yean Song   ●   Goh Hanyan   ●   Goh Pei Ming   ●   He Ting Ru   ●   David Hoe   ●   Shawn Huang Wei Zhong   ●   Indranee Rajah   ●   Janil Puthucheary   ●   Koh Poh Koon   ●   Kwek Hian Chuan Henry   ●   Gabriel Lam   ●   Jackson Lam   ●   Jasmin Lau   ●   Cassandra Lee   ●   Desmond Lee   ●   Lee Hong Chuang BBM   ●   Lee Hsien Loong   ●   Lee Hui Ying   ●   Valerie Lee   ●   Liang Eng Hwa   ●   Jamus Jerome Lim   ●   Sylvia Lim   ●   Shawn Loh   ●   Low Wu Yang Andre   ●   Low Yen Ling   ●   Victor Lye   ●   Muhaimin Malik   ●   Mariam Jaafar   ●   Masagos Zulkifli Bin Masagos Mohamad   ●   Muhammad Faishal Ibrahim   ●   Murali Pillai   ●   Nadia Ahmad Samdin   ●   David Neo   ●   Ng Chee Meng   ●   Ng Shi Xuan   ●   Rachel Ong   ●   Ong Ye Kung   ●   Diana Pang   ●   Joan Pereira   ●   Denise Phua Lay Peng   ●   Poh Li San   ●   Pritam Singh   ●   Rahayu Mahzam   ●   Hamid Razak   ●   Saktiandi Supaat   ●   Seah Kian Peng   ●   K Shanmugam   ●   Sharael Taha   ●   Sim Ann   ●   Jeffrey Siow   ●   Hany Soh   ●   Sun Xueling   ●   Alvin Tan   ●   Dennis Tan Lip Fong   ●   Desmond Tan   ●   Jessica Tan Soon Neo   ●   Tan Kiat How   ●   Tan See Leng   ●   Patrick Tay Teck Guan   ●   Josephine Teo   ●   Tin Pei Ling   ●   Kenneth Tiong   ●   Edwin Tong Chun Fai   ●   Vikram Nair   ●   Vivian Balakrishnan   ●   Wan Rizal   ●   Lawrence Wong   ●   Xie Yao Quan   ●   Alex Yam Ziming   ●   Alex Yeo   ●   Yeo Wan Ling   ●   Yip Hon Weng   ●   Zaqy Mohamad   ●   Zhulkarnain Abdul Rahim   ●   Melvin Yong Yik Chye NCMP  : Low Wu Yang Andre   ●   Eileen Chong Pei Shan

14th Parliament

MP  : Ang Wei Neng   ●   Baey Yam Keng   ●   Cheryl Chan Wei Ling   ●   Chan Chun Sing   ●   Chee Hong Tat   ●   Cheng Li Hui   ●   Edward Chia Bing Hui   ●   Chong Kee Hiong   ●   Desmond Choo   ●   Chua Kheng Wee Louis   ●   Eric Chua   ●   Darryl David   ●   Christopher de Souza   ●   Foo Mee Har   ●   Grace Fu Hai Yien   ●   Gan Kim Yong   ●   Gan Siow Huang   ●   Gan Thiam Poh   ●   Gerald Giam   ●   Derrick Goh   ●   He Ting Ru   ●   Heng Chee How   ●   Heng Swee Keat   ●   Shawn Huang Wei Zhong   ●   Indranee Rajah   ●   S Iswaran   ●   Janil Puthucheary   ●   Amy Khor Lean Suan   ●   Koh Poh Koon   ●   Kwek Hian Chuan Henry   ●   Desmond Lee   ●   Lee Hsien Loong   ●   Liang Eng Hwa   ●   Lim Biow Chuan   ●   Jamus Jerome Lim   ●   Sylvia Lim   ●   Lim Wee Kiak   ●   Low Yen Ling   ●   Mariam Jaafar   ●   Masagos Zulkifli Bin Masagos Mohamad   ●   Mohamad Maliki Bin Osman   ●   Mohd Fahmi Bin Aliman   ●   Muhamad Faisal Bin Abdul Manap   ●   Muhammad Faishal Ibrahim   ●   Murali Pillai   ●   Nadia Ahmad Samdin   ●   Ng Eng Hen   ●   Ng Ling Ling   ●   Louis Ng Kok Kwang   ●   Rachel Ong   ●   Ong Ye Kung   ●   Joan Pereira   ●   Leon Perera   ●   Denise Phua Lay Peng   ●   Poh Li San   ●   Pritam Singh   ●   Raeesah Khan   ●   Rahayu Mahzam   ●   Saktiandi Supaat   ●   Seah Kian Peng   ●   K Shanmugam   ●   Sharael Taha   ●   Sim Ann   ●   Sitoh Yih Pin   ●   Hany Soh   ●   Sun Xueling   ●   Alvin Tan   ●   Carrie Tan   ●   Tan Chuan-Jin   ●   Dennis Tan Lip Fong   ●   Desmond Tan   ●   Jessica Tan Soon Neo   ●   Tan Kiat How   ●   Tan See Leng   ●   Tan Wu Meng   ●   Patrick Tay Teck Guan   ●   Teo Chee Hean   ●   Josephine Teo   ●   Tharman Shanmugaratnam   ●   Tin Pei Ling   ●   Edwin Tong Chun Fai   ●   Vikram Nair   ●   Vivian Balakrishnan   ●   Wan Rizal   ●   Don Wee   ●   Lawrence Wong   ●   Xie Yao Quan   ●   Alex Yam Ziming   ●   Yeo Wan Ling   ●   Yip Hon Weng   ●   Melvin Yong Yik Chye   ●   Zaqy Mohamad   ●   Zhulkarnain Abdul Rahim NCMP  : Leong Mun Wai   ●   Hazel Poa