The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have incorporated a new entity to administer and govern national payment schemes.
The entity, named the Singapore Payments Network (SPaN), is in line with the MAS’ and ABS’ previously stated objectives to consolidate the management of the country’s payment systems.
The move is aimed at supporting future growth for the national payment schemes.
SPaN has been incorporated as a not-for-profit company limited by guarantee, with its initial membership consisting of MAS and the Domestic Systemically Important Banks (D-SIBs).
The company aims to ensure effective governance over national and cross-border payment schemes, payments innovation and collaboration among industry participants.
Following the formation, a board of directors will be appointed to oversee the transition of the company to operational readiness by the end of 2026.
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By GlobalDataThe board’s immediate tasks include the onboarding of other direct participants of core national payments infrastructure as members and overseeing the handover of national payment schemes from existing administrators to SPaN.
The board, comprising 11 members, will include two senior representatives from MAS, five from bank and non-bank financial institutions, and four independent industry directors.
MAS Managing Director Chia Der Jiun 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.”
ABS Chairman Helen Wong stated: “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.”
