We often read about ASEAN financial development and integration in the papers, but have you ever wondered what goes on beyond these headlines? In the summer of 2011, I had the opportunity to intern with the External Department of the Monetary Authority of Singapore (MAS). The External Department is the foreign affairs arm of the MAS which deals with central banks and financial regulatory bodies of other economies and international financial institutions.
I was placed with the ASEAN team during my two months with the MAS. Among my tasks, I was involved in surveying the ten ASEAN financial markets, and suggesting ways on how Singapore can aid the development and integration of the ten ASEAN markets. At the end of it, I shared my analysis with the rest of the team and theanalysis was eventually forwarded to the MAS management for perusal. Besides this, I also drafted emails toSingapore's foreign counterparts in other central banks and examined the financial regulations of otherjurisdictions for learning opportunities.
My key takeaway from my internship was that public policymaking and managing foreign relations are extremely intricate tasks. First, policymaking is extremely time-consuming and requires intense effort. Indeed, due to the impact that policies can potentially make, enormous amount of research, considerations and discussions goes into crafting them. Now, when I read about policy announcements on the papers, I can better appreciate the efforts behind them.
Second, foreign relations are sensitive and inter-country meetings are never easy to deal with. During negotiations and meetings with foreign counterparts, things left unsaid are just as important as what was discussed. It is also important for us to do all necessary preparations and collect all relevant information prior to a meeting so that we can best represent Singapore's interests.
At MAS's External Department, I worked with a very capable and dedicated team, people whom I believe will be able to advance Singapore's financial interests on the international arena. Their commitment and contribution to Singapore certainly inspired me. I am definitely grateful for the experience and learning opportunities at MAS.
For those who would think that the profit driven environment in the private sector might not be your cup of tea, do consider a stint with a public agency like the MAS. It will be as challenging as an internship with a private enterprise, yet at the same time, you will be contributing to the well being of fellow Singaporeans! 
Keng Phang (extreme right) with fellow interns from local and overseas universities at MAS staff lounge for lunch.