Tharman Shanmugaratnam, a former member of Singapore’s ruling party, has scored a landslide victory to become the city-state’s president, in an election seen as a barometer of public sentiment amid economic challenges and high-profile scandals.

“I believe that it’s a vote of confidence in Singapore. It’s a vote of optimism for a future in which we can progress together and support each other as Singaporeans,” Mr Shanmugaratnam said in a speech before the results were announced.

“I’m humbled by this vote. It is not just a vote for me, it is a vote for Singapore’s future.”

The former deputy prime minister won 70.4 per cent of the vote for a six-year term.

Analysts said the landslide victory for the candidate seen as closest to the establishment is a sign that Singaporeans generally still trust the ruling People’s Action Party (PAP).

His main rival, Ng Kok Song, a former chief investment officer of Singapore sovereign wealth fund GIC, which manages the country’s foreign reserves, conceded after winning only 15.7 per cent of the vote.

“The result is clear,” he told reporters, adding Mr Shanmugaratnam “has indeed earned a mandate from the people of Singapore.”

The role of the president is largely ceremonial in Singapore, though the office is expected to ensure checks and balances on the government.

The president holds the key to the country’s large but undisclosed reserves, with veto powers over any budget or specific transaction that is likely to draw on those reserves, thought they must consult the Council of Presidential Advisers.

The president can also veto the appointment or removal of key public officials, and direct the anti-graft bureau to investigate cases even when the prime minister disagrees.