SINGAPORE: On 12 February 2025, Singapore’s largest bank, DBS, announced two senior-level appointments, including the newly created role of Group Chief Operating Officer.
Derrick Goh, who is also a Member of Parliament for Nee Soon GRC, will assume the role of Group COO from 1 April, overseeing both the Operations and Transformation Group. He is currently DBS’ Head of Group Audit.
However, the new appointment has sparked speculation over whether Goh will step down in the upcoming General Election 2025 to make way for a new candidate seen as a potential replacement.
Goh has been with DBS since 2008—before he contested the 2020 General Election—and has held several senior positions within the bank.
Before leading Group Audit in 2018, he headed the regional Treasures and Treasures Private Client wealth management business.
Prior to that, he was Head of POSB and Consumer Banking Group (CBG) Distribution in Singapore.
His other roles at DBS include serving as Regional COO and Chief Financial Officer of the Institutional Banking Group, as well as Head of Finance, Group Planning and Analytics.
Besides Goh, DBS also announced that Koh Kar Siong, Group Head of Corporate and SME Banking, will succeed him as Group Head of Audit.
Koh, who joined DBS in 2003, has held key leadership roles across multiple business units, including SME Banking, Consumer Banking, and Wealth Management. He previously led POSB and CBG Distribution in Singapore and headed CBG in China.
DBS CEO Piyush Gupta said the management changes highlight the bank’s strong leadership pipeline and commitment to grooming future leaders.
Netizens Question Derrick Goh’s Ability to Juggle MP Duties with New Senior Role at DBS
Observing comments on state media The Straits Times and CNA’s Facebook pages, some netizens questioned Goh’s ability and commitment to serving his residents while taking on another senior management role in the private sector.
Some suggested that he should remain in the private sector, arguing that he would not have enough time for his constituents. Others said they would not vote for a “part-time MP,” as they expect their representatives to be fully committed and dedicated to serving the people.
Some also questioned how he could effectively look after his constituents while holding multiple roles at the bank.
Comparisons were drawn to the strict regulations for full-time national servicemen (NSFs), who are prohibited from moonlighting, whereas MPs are allowed to take on additional jobs despite their primary duty being to serve the people.
PM Wong Defends MPs Holding Full-Time Jobs as a Pragmatic Approach
In July 2024, Prime Minister Lawrence Wong, during a dialogue with students, described allowing MPs to have full-time jobs as a pragmatic arrangement. He noted that political office-holders, including ministers, must also balance their full-time responsibilities in government with their duties as MPs.
“In the same way, just to be pragmatic about it, we recognise that some people have other private sector commitments,” he said. “We let them do it, but we fully expect them to discharge their MP duties well.”
He added that there are consequences when MPs fail to do so, either through their party choosing not to renew them or voters making that decision at the ballot box.
Addressing concerns over potential conflicts of interest, where politicians may prioritise the agenda of their backers or corporate interests over the state’s, Wong said Singapore has a process in place requiring conflicts of interest to be declared, and no issues have arisen to date.
He emphasised that the Government remains vigilant in keeping the system clean, warning that Singapore would be in deep trouble if money politics and vested interests took hold.
“We want to make sure that whoever represents Singaporeans as Members of Parliament, regardless of party (and) across the board, we want to make sure that we have a system that is clean and has integrity,” he said.
New Face in Nee Soon GRC Walkabout Fuel Speculation Over GE2025 Candidate
As Singapore prepares for a General Election that must be held by November 2025, new faces from political parties are actively engaging with people on the ground, attracting public attention and sparking speculation about potential candidates who might be fielded in the upcoming election.
Notably, Deryne Sim, a 40-year-old media and entertainment lawyer, was seen at a recent People’s Action Party (PAP) walkabout. Although PAP has not officially introduced her as a candidate for Nee Soon GRC, her presence at the event has fueled speculation about her potential electoral debut.
Sim joined Minister for Law and Home Affairs K. Shanmugam on 26 January at Chong Pang Market and Food Centre, where she was seen distributing oranges, conversing with residents, and extending Lunar New Year greetings.
Sim is said has been volunteering with the PAP for several years, starting with Meet-the-People sessions in Nee Soon, where she offers pro-bono legal advice on issues like scams and neighbour disputes.
She is also actively involved with NSCF Uplift, a charity promoting inclusion, and conducts weekly strength training sessions for children with special needs. A 2008 NUS graduate, she has built a strong legal career with organisations such as CNBC, Sony Pictures Entertainment, and Disney.
She is currently the legal director at Infront Sports and Media, handling contracts for major global sporting events.
Sim has also earned prestigious scholarships, including the Chevening and Fulbright awards, furthering her legal studies in the U.K. and the U.S.
However, her recent appearance has drawn scepticism, with some suggesting that her engagement with residents was strategically timed for the upcoming election. Critics have questioned whether she has spent enough time serving the community and if she has genuinely engaged with citizens on their pressing concerns.
