Dr Ray Choy is the Chief Economist at MARC Ratings Berhad, where he also serves on the internal ratings committee. He leads the firm’s research in macroeconomics, sub-sovereign and sovereign ratings, econometrics and data science, and financial markets analysis.

With more than 23 years of experience, Dr Ray brings extensive expertise in economic and credit research as well as fund management across domestic and global G20 markets. He previously held senior leadership roles in the research divisions of major Southeast Asian financial conglomerates, including CIMB and RHB, where he directed regional economic and market analysis across Malaysia, Singapore, Thailand, and Indonesia.

His analytical work has been widely recognised, earning top rankings from Alpha Southeast Asia, The Asset, and Lipper. In 2014, he received Bond Pricing Agency Malaysia’s inaugural award for the development of fixed income research in Malaysia. He has published in top tier peer-reviewed journals and is the author of Essays in Bond Market Economics.

In 2025, Dr Ray was conferred the title of Adjunct Professor of Industry at Universiti Tunku Abdul Rahman (UTAR) in recognition of his contributions to the academic community. Since 2021, he has been listed in the Directors’ Registry of the Institute of Corporate Directors Malaysia. He has also been a columnist for The Edge since 2012 and is a regular commentator on both local and international media, including Bloomberg and The Star. Dr Ray is an HRD Corp accredited trainer.

Dr Ray holds a BA in Business and Finance (with Distinction) from Heriot-Watt University; a BSc in Politics and International Relations (First Class Honours) from the University of London (LSE); an MSc in Finance (Economic Policy) from the University of London (SOAS); and a PhD from the University of Nottingham, where his research focused on sovereign credit ratings.