The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced the launch of a new company called Singapore Payments Network (SPaN). This company will be in charge of managing and overseeing Singapore’s national payment systems.
MAS explained that this is part of a plan they announced earlier to bring different payment systems under one organization. The goal is to prepare Singapore’s payment systems for future growth and to work together with MAS on improving the country’s overall payment strategy.
SPaN is a not-for-profit organization, meaning it doesn’t aim to make money but instead focuses on serving the public good. MAS and ABS set it up, and its first members include MAS and Singapore’s biggest local banks (known as D-SIBs).
With the creation of SPaN, a board of directors will be set up to help guide the company as it gets up and running. The board will make sure the company is well-managed and stays focused on its goals.
To prepare the company for full operations by the end of 2026, the board will lead the next phase of development. This includes bringing on board other key participants involved in Singapore’s core national payments infrastructure as members of SPaN. Additionally the board will manage the transition of national payment schemes from their current administrators to SPaN, ensuring a smooth and coordinated handover of responsibilities.
The 11-member board will include 2 senior representatives from the Monetary Authority of Singapore (MAS), 5 members from both bank and non-bank financial institutions, and 4 independent directors from the payments industry.
“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,” said Chia Der Jiun, Managing Director of MAS.
Helen Wong, Chairman of ABS, said that bringing national payment schemes under SPaN’s unified governance will help financial institutions respond more quickly and innovate more effectively to meet the changing digital payment needs of both 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,” she added.
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