The magazine, part of the Financial Times Group, publishes an annual list of best central bank governors based on a survey of bankers and economists.

It cited MAS' "cutting-edge regulatory approach to fintech while maintaining macroeconomic stability" as the key reasons why Mr Menon clinched the title this year.

The magazine noted that MAS was among the first regulators to have a dedicated fintech group to analyse the risks and benefits of technology. 

“You can only encourage technology to the extent that you can also contain and manage its risks. A smart financial centre must be a safe financial centre as well,” Mr Menon told The Banker.

As the MAS continues to innovate, The Banker reported that this was not being done at the expense of safety.

The central bank continues to look out for risks such as terrorism financing and cyber risks, said Mr Menon.

Finance Minister Heng Swee Keat was also given the award in 2011 when he was the managing director at MAS.