Singapore Prime Minister Lee Hsien Loong will be stepping down on May 15 after serving for two decades, making way for his deputy Lawrence Wong to assume the role. Wong, who is also the finance minister, will become Singapore's fourth prime minister since the country gained independence in 1965. The transition of power is set to take place on May 15 at the Istana, with Wong receiving the support of ruling party lawmakers.
Under Lee's leadership, Singapore has evolved into a prominent global financial hub, attracting numerous family offices and multinational companies to establish their presence in the city-state. The outgoing prime minister expressed his confidence in Wong and urged Singaporeans to extend their full support to the incoming leadership.
