Singapore has unveiled the Singapore Payments Network Limited (SPaN), a new entity designed to bolster the country’s payment infrastructure and foster innovation within the sector. Announced by Deputy Prime Minister Gan Kim Yong during the Association of Banks in Singapore (ABS) Annual Dinner on 25 June 2025, SPaN is set to integrate and enhance existing national payment schemes such as FAST, GIRO, PayNow, and SGQR.
The banking sector in Singapore, a cornerstone of the nation’s status as a global financial hub, is poised to play a crucial role in navigating the challenges posed by global economic shifts. Gan highlighted the importance of adapting to protectionist measures and geo-economic disruptions, including climate change and technological advancements like artificial intelligence. “Our banks are critical enablers for growth, transformation, and mobility,” he stated.
Gan also addressed the impact of US tariffs on global trade, urging businesses to adapt to a more complex economic landscape. He noted that Singapore’s role as a hub is vital for its survival and success, emphasising the need for the Singapore Economic Resilience Taskforce to support businesses and workers.
In the realm of sustainable finance, Singapore is positioned as a leader in catalysing the low-carbon transition within Asia. The Monetary Authority of Singapore (MAS) has launched the Singapore-Asia Taxonomy (SAT) to facilitate transition financing. Gan expressed optimism about the integration of SAT by local and regional banks, underscoring the importance of clear guidelines for effective climate financing.
As Singapore continues to navigate these transitions, the launch of SPaN and the focus on sustainable finance highlight the nation’s commitment to innovation and resilience in the face of global challenges.
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