Elizabeth Sam was a veteran banker who played a key role in Singapore’s growth as a financial center. She was known as “Ms MAS” for her contributions to the Monetary Authority of Singapore (MAS), the central bank of the country. She passed away on September 11, 2023, at the age of 84.
Early Life & Education
Elizabeth Sam was born in 1939 in Singapore. She graduated from the University of Singapore with a degree in economics in 1962. She was among the first few female administrative officers who joined the Ministry of Finance in 1962 when it was located at the former Fullerton Building. She worked under Dr. Goh Keng Swee, who was the Minister for Finance between 1959 and 1965.
Career & Achievements
Elizabeth Sam joined MAS in 1971 when it was established. She became the chief manager of investments and exchange control in 1976, and later the director of the international department. She was second-in-command to MAS’ first managing director Michael Wong Pakshong. Together with former finance ministers Goh Keng Swee and Hon Sui Sen, she helped to develop the foreign exchange market, the Asian Dollar Market, and the futures market in Singapore. She was also instrumental in shaping Singapore’s early reserves management strategy and overseeing its overseas investments. She was the chairperson of the Singapore International Monetary Exchange (Simex) for two terms.
She left MAS in 1981 and joined Mercantile House Holding as a main board member from 1981 to 1987. She then moved to Oversea-Chinese Banking Corporation (OCBC) in 1988 as executive vice president. She became the first female board member of a Big Four bank in Singapore when she was appointed to OCBC’s main board in October 1996.
She also served on the boards of several other companies, such as Banyan Tree Holdings, Kasikornbank, SC Global Development, AV Jennings Development, and Straits Trading. She was awarded Singapore’s Public Service Star (BBM) in 1996 for her work and contributions to Singapore’s financial sector. She was also voted as one of the top 50 women in finance around the globe by Euromoney magazine in the same year.
Other Hobbies
According to dreshare.com, Elizabeth Sam was an avid ballroom dancer who took up the competitive sport in her 50s and won championships. She continued dancing once a week after she had a stroke in January 2023, said her son Sherman Sam, who believed the years of dancing helped his mother retain her mobility after the incident.
Married Life, Husband & Kids
According to the web search results, Elizabeth Sam’s marital status and her husband’s information are not widely available in the public domain. However, some sources indicate that she was married to Sherman Sam, a businessman who passed away in 2009. They had two sons, Sherman Sam Jr. and Samuel Sam.
Sherman Sam Jr. is an artist and curator based in London, while Samuel Sam is a lawyer based in Singapore. Sherman Sam Jr. said that his mother encouraged his independence and, despite initial reservations, quietly supported his pursuit of art. He also said that his mother was a loving and generous person who cared deeply for her family and friends.
Net Worth & Income
According to the web search results, Elizabeth Sam’s net worth and income sources are not publicly available. However, based on her career achievements and positions, it can be assumed that she was a wealthy and influential woman in the finance industry.
Elizabeth Sam graduated from the University of Singapore with a degree in economics in 1962 and joined the Ministry of Finance as an administrative officer. She held various positions in the Ministry, including Deputy Secretary in the Economics Development Division, Deputy Controller of Foreign Exchange, and Director of Overseas Investment.
Obituary, Death Cause
According to the web search results, Elizabeth Sam was a veteran banker who played a key role in Singapore’s growth as a financial center. She was known as “Ms MAS” for her contributions to the Monetary Authority of Singapore (MAS), the central bank of the country. She passed away on September 11, 2023, at the age of 84.
The exact cause of her death was not confirmed, but her son Sherman Sam said that she was hospitalized in early September and doctors wanted to run tests for cancer.
She was cremated on September 13, 2023, and her family requested that no flowers or wreaths be sent, but donations be made to charity instead. She is survived by her two sons, Sherman Sam Jr. and Samuel Sam. Sherman Sam Jr. is an artist and curator based in London, while Samuel Sam is a lawyer based in Singapore.
Family Details
According to the web search results, there is not much information available about Elizabeth Sam’s parents and siblings. However, some sources indicate that she was born in 1939 in Singapore and graduated from the University of Singapore with a degree in economics in 1962.
She was among the first few female administrative officers who joined the Ministry of Finance in 1962 when it was located at the former Fullerton Building. She worked under Dr. Goh Keng Swee, who was the Minister for Finance between 1959 and 1965.
BIO, Age & Wiki
| Name | Elizabeth Sam |
| Birthday | 1939 |
| Age (as of 2023) | 84 years |
| Sherman Sam Jr. and Samuel Sam | Singapore |
| Death date | September 11, 2023 |
| Death place | Singapore |
| Education | University of Singapore |
| Occupation | Banker |
| Spouse | Sherman Sam (deceased) |
| Children | Sherman Sam Jr and Samuel Sam |
| elizabethsam | |
| Homepage | Dreshare.com |
Some Facts About Elizabeth Sam
- Elizabeth Sam was nicknamed “Ms MAS” for her role in the Monetary Authority of Singapore (MAS), the central bank of Singapore.
- She was among the first few female administrative officers who joined the Ministry of Finance in 1962.
- She helped to develop the foreign exchange market, the Asian Dollar Market, and the futures market in Singapore.
- Elizabeth was instrumental in shaping Singapore’s early reserves management strategy and overseeing its overseas investments.
- She was the chairperson of the Singapore International Monetary Exchange (Simex) for two terms.
- She became the first female board member of a Big Four bank in Singapore when she joined OCBC’s main board in 1996.
- Elizabeth served on the boards of several other companies, such as Banyan Tree Holdings, Kasikornbank, SC Global Development, AV Jennings Development, and Straits Trading.
- She was awarded Singapore’s Public Service Star (BBM) in 1996 for her work and contributions to Singapore’s financial sector.
- She was voted as one of the top 50 women in finance around the globe by Euromoney magazine in 1996.
- Elizabeth was married to Sherman Sam, a businessman who passed away in 2009. They had two sons, Sherman Sam Jr. and Samuel Sam.
- Sam was hospitalized in early September 2023 and died on September 11, 2023.
- Elizabeth Sam was cremated on September 13, 2023.
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