The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced the incorporation of the Singapore Payments Network (SPaN), a new entity designed to oversee and govern the nation’s payment schemes. This initiative, unveiled on 25 June, seeks to consolidate the administration of Singapore’s payment systems, fostering innovation and collaboration amongst industry players.
SPaN, established as a not-for-profit company limited by guarantee, will initially include MAS and the Domestic Systemically Important Banks (D-SIBs) as members. The entity aims to provide robust governance over national and cross-border payment schemes, promoting continuous innovation and collaboration. A board of directors will guide SPaN’s transition to operational readiness by the end of 2026, overseeing the onboarding of additional participants and the transition of existing schemes to SPaN.
Chia Der Jiun, Managing Director of MAS, emphasised the importance of SPaN in strengthening national payment infrastructures under a unified governance structure. “SPaN will set the foundation for the banking and payments industries to collaborate more effectively,” he stated. Helen Wong, ABS Chairman, added that the streamlined governance would enable financial institutions to respond swiftly to evolving digital payment needs.
The formation of SPaN marks a significant step in advancing Singapore’s payment ecosystem, ensuring it remains resilient and innovative. As the entity progresses towards operational readiness, it is expected to play a crucial role in shaping the future of payments in Singapore.
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