The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have jointly announced the incorporation of the Singapore Payments Network (SPaN), a new not-for-profit entity that will oversee and govern the country’s national payment schemes.
SPaN aims to consolidate the administration of Singapore’s core payment infrastructures, a move MAS says is crucial to prepare the country’s payments ecosystem for future growth and innovation, according to the announcement.
“The incorporation of SPaN is an important step towards strengthening our national payment infrastructures under a unified governance structure,” said Chia Der Jiun, Managing Director of MAS.
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, Jiun added.
SPaN will be administered as a company limited by guarantee, with initial members including MAS and the Domestic Systemically Important Banks (D-SIBs).
A board of directors has been formed to guide the company’s progression from incorporation to operational readiness, which is targeted by end-2026.
The 11-member board will consist of two senior representatives from MAS, five from bank and non-bank financial institutions, and four independent industry directors.
The board will oversee the onboarding of other direct participants in national payment infrastructure and the transition of payment scheme governance to SPaN from current administrators.
Helen Wong, Chairman of ABS, said the streamlined governance structure under SPaN will help accelerate innovation in the digital payments space.
“SPaN will enable financial institutions to respond swiftly and innovate effectively to meet the evolving digital payment needs of consumers and businesses,” Wong said. “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.”
The formation of SPaN is also expected to enhance cross-border payment connectivity and support MAS’s broader national payments strategy.
