The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced the incorporation of a new entity, Singapore Payments Network (SPaN), to oversee the administration and governance of the country’s national payment schemes.
SPaN has been set up as a not-for-profit company limited by guarantee.
Its founding members include MAS and Singapore’s Domestic Systemically Important Banks (D-SIBs).
SPaN will work closely with the industry to enhance governance of national and cross-border payment schemes, support ongoing innovation, and foster collaboration across financial institutions.
The announcement follows a February 2025 statement by MAS and ABS on their intention to establish a new entity to consolidate the governance of national payment schemes and contribute to the development of a national payments strategy.
A board of directors has been formed to guide SPaN through its initial phase, with a target to reach operational readiness by the end of 2026.
The 11-member board includes two senior representatives from MAS, five from both bank and non-bank financial institutions, and four independent industry directors.
It will also oversee the onboarding of direct participants of core national payments infrastructure as members of the company.
The national payment schemes that will transition to SPaN’s oversight include Fast And Secure Transfers (FAST), Inter-bank GIRO System, Singapore Dollar Cheque Clearing System, US Dollar Cheque Clearing System, PayNow, eGIRO, Electronic Deferred Payment, and the Singapore Quick Response Code.
Chia Der Jiun, Managing Director of MAS, said,
“The incorporation of SPaN is an important step towards strengthening our national payment infrastructures under a unified governance structure.
SPaN will set the foundation for the banking and payments industries to collaborate more effectively to build and facilitate greater resilience and innovation across Singapore’s payment infrastructures.”
Helen Wong, ABS Chairman, said,
“The streamlined governance of national payment schemes under SPaN will enable financial institutions to respond swiftly and innovate effectively to meet the evolving digital payment needs of consumers and businesses.
ABS and its member banks are committed to supporting SPaN in its mission to advance a robust and future-ready payment ecosystem that would be critical to Singapore’s economy.”
Featured image: Edited by Fintech News Singapore, based on image by MAS’ LinkedIn post.
