Dr. Ray ChoyChief Economist

Dr. Ray Choy is Chief Economist at MARC Ratings Bhd. Prior to MARC, he headed the research offices of banking
groups CIMB and RHB across Southeast Asia, following a leadership role in global funds management, accumulating
over two decades of experience. Dr. Ray has earned top rankings by Alpha Southeast Asia, The Asset, and Lipper,
amongst others. He has published in top-tier, peer-reviewed journals and authored 'Essays in Bond Market
Economics.' Additionally, he is a corporate trainer, an adjunct academic at various universities, and was admitted to
the Directors' Registry of the Institute of Corporate Directors Malaysia. Dr. Ray holds a BA in Business and Finance
(Distinction) from Heriot-Watt University, a BSc in Politics and International Relations (1st Class Honours) from the
University of London (LSE), an MSc in Finance (Economic Policy) from the University of London (SOAS) and a PhD
focusing on sovereign credit ratings from the University of Nottingham.