Outside of his day job, he is the Asia Pacific (Apac) vice president for sport at the Federation Internationale de l\u2019Automobile (FIA), the global motorsports governing body. The FIA oversees racing series such as Formula 1 (F1), Formula E and the World Endurance Championship.<\/p>\n
Elected to this position in 2021, Lee has been able to guide a remarkable turnaround at the sporting regulator that many may not have seen. <\/p>\n
When he joined, the FIA had been haemorrhaging some 24 million euros (S$36 million) a year and was in danger of running out of funds within just a few years. Four years on, the FIA is about to make a profit of about 4.7 million euros instead.<\/p>\n
Speaking to The Business Times at the Marina Bay street circuit on Sunday (Oct 5), Lee explained that he had been given the mandate from FIA president Mohammed Ben Sulayem to run the FIA less like a sports club and more like a corporation, owing to his extensive banking experience.<\/p>\n
\u201cI think (the FIA president) liked that profile,\u201d said Lee about his 31-year career at Citi. \u201cI was also head of anti-money laundering (AML), so it gives a credibility to (my) position.\u201d<\/p>\n
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When Ben Sulayem was elected, his mandate was built on \u201ctransparency\u201d, \u201cgovernance\u201d and \u201ccorporate processes\u201d \u2013 summed up by Lee as \u201cdoing things properly\u201d. That push for increased professionalism is why the current set of FIA vice-presidents have careers in banking, law and finance, said Lee.<\/p>\n
Founded in 1904, the FIA (like any long-running organisation) has developed its fair share of legacy issues. Things have \u201cfallen between the cracks\u201d over the years. To remedy that, Lee brought in management oversight, a willingness to ask \u201ctough questions\u201d, and the ability to heighten the FIA\u2019s awareness of any issues in compliance or AML.<\/p>\n
\u201cIn banking \u2013 revenue, expenses; that\u2019s part of our everyday work,\u201d he said. \u201cIn the FIA, prior to this current team … the way finance was being run was very different.\u201d<\/p>\n
Expenses in the FIA had soared in the five years before Lee took on his FIA role, so he brought in external consultants such as McKinsey & Company to take a fresh look at the organisation\u2019s processes, revenue streams and expenses.<\/p>\n
After \u201cquite a bit\u201d of expenses reduction through targeting corporate travel, excess staff and \u201cmoney-sink\u201d projects, the FIA now sees light at the end of the financial tunnel. Lee attributed that turnaround to more industry professionals joining the FIA.<\/p>\n
\u201cIt\u2019s like running a company. It\u2019s the same skill sets,\u201d he said. \u201cThat\u2019s how you develop credibility, by showing we are responsible stewards of the FIA funds.\u201d<\/p>\n
Lee also explained how he helped hire a chief financial officer for the FIA after he joined \u2013 a position that, along with the entire commercial team, did not exist prior to the latest FIA administration.<\/p>\n
\u201cEveryone was running around doing their own thing,\u201d said Lee. \u201cThat\u2019s how you end up with a 24 million euro hole.\u201d<\/p>\n
Leveraging connections and experience ![\"\"](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/10\/60581280b75940013aa763a56ccbf13df0af8ae181e78ad6cc4b4ffd3ea34266.png\")
Lee Lung-Nien at the Singapore Grand Prix 2025. PHOTO: SHIKHAR GUPTA, BT <\/p>\n
Personal and professional connectivity is also something Lee leverages at the FIA. His prior presidency of local racing governing body Motor Sports Singapore allowed him to develop a deep network of connections in the Apac region.<\/p>\n
\u201cIf the FIA or Formula One Management… needs to connect with, say, (Singapore\u2019s) tourism board… that\u2019s where I step in,\u201d he said, adding that he facilitates an additional avenue of dialogue between the FIA\u2019s European offices and key regional stakeholders.<\/p>\n
His experience in the corporate environment at Citi also made him adept at going beyond the regular FIA meetings to cultivate deep ties with motorsports players in Apac.<\/p>\n
\u201cEvery quarter, or every three times a year, we have a major Zoom call,\u201d he explained. \u201cThis is over and above the twice-a-year meetings (officially organised by the FIA).\u201d<\/p>\n
These \u201ctown halls\u201d are called in between the top-level bi-annual meetings, which include members of the FIA as far up the ladder as the deputy president.<\/p>\n
At the same time, he pushed for greater decision-making power for the Apac region, so it did not have to wait for responses from the FIA\u2019s primary offices in France and Switzerland. <\/p>\n
In his four years at the FIA, Lee has also set up Apac versions of the FIA Motorsports Games, a sports event held biennially in Europe. The first Asia-Pacific Motorsports Championship was held in 2023, while the second edition was held this year in Sri Lanka from Sep 26 to 27.<\/p>\n
This has created opportunities for more countries to compete in international motorsports at the grassroots level, in line with the FIA president\u2019s goal to double motorsports interest globally.<\/p>\n
The future of karting in Singapore ![\"\"](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/10\/45d5bd3470a0cb2a9c9de00f370ef89b9ece1fffe8706875dc3f7702acbc6a14.png\")
The KF1 karting circuit was laid out by legendary F1 designer Hermann Tilke. PHOTO: BT FILE <\/p>\n
In Singapore, karting remains the most popular path to professional racing. However, the KF1 karting circuit in Kranji \u2013 laid out by legendary F1 designer Hermann Tilke \u2013 is at risk of shutting down after its lease ends in March next year. The track is the only karting circuit here for would-be professional racers to cut their teeth on.<\/p>\n
Nevertheless, Lee said it is \u201ctoo early\u201d to worry about the future of grassroots motorsports in the Republic. He pointed out that, besides karting, there are other avenues to professional racing.<\/p>\n
\u201cDrivers… will find a way (to pursue their dreams),\u201d said Lee, listing alternatives such as Gymkhana, autocross and even e-sports. He also said that Singapore has produced good drivers even before KF1\u2019s Kranji circuit existed.<\/p>\n
![\"\"](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/10\/440aed4d59a0cf1667267aad5b49cfa3ffdc49a5980818e7eff90e302e301763.png\")
The Singapore Grand Prix will \u201calways be special\u201d, said Lee. PHOTO: F1 <\/p>\n