SINGAPORE, June 2025 – The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have jointly launched Singapore Payments Network Limited (SPaN), a new independent entity established to govern and operate the country’s core national payment systems, as announced in a press release.
Formed as a company limited by guarantee, SPaN consolidates the governance of key domestic payment schemes—FAST, PayNow, Interbank GIRO, SGQR, eGIRO, and SGD/USD cheque clearing—under a single structure. These systems are integral to Singapore’s digital payments ecosystem, moving billions in value daily across consumers, businesses, and financial institutions.
Previously, scheme oversight was distributed across multiple bodies including MAS, ABS, The Clearing House, and the Infocomm Media Development Authority (IMDA). The formation of SPaN marks a shift towards centralised scheme governance aimed at enhancing system resilience, improving operational efficiency, and accelerating the deployment of new capabilities.
“SPaN will provide a single, coherent structure to govern national payment systems,” said Chia Der Jiun, Managing Director of MAS. “It sets the foundation for Singapore’s financial institutions to collaborate more effectively, innovate with greater agility, and safeguard the security and resilience of our payment infrastructures.”
Helen Wong, Chairman of ABS and Group CEO of OCBC, added: “This unified approach allows the industry to respond more nimbly to changing consumer expectations and technological developments. It also deepens our ability to scale payment innovations across Singapore and the broader region.”
SPaN is governed by an 11-member board consisting of:
- Two senior representatives from MAS
- Five from participating financial institutions
- Four independent directors from the broader payments and financial services industry
It is supported by Singapore’s seven domestic systemically important banks (D-SIBs): DBS, OCBC, UOB, Citibank, HSBC, Maybank, and Standard Chartered, which helped design and fund the not-for-profit utility. These institutions are expected to play an active role in shaping SPaN’s strategic direction.
Beyond day-to-day oversight, SPaN has been tasked with enabling next-generation payment capabilities. Its broader mandate includes:
- Streamlining payment infrastructure using common standards
- Expanding access to include non-bank payment service providers
- Strengthening cyber resilience and system robustness
- Supporting interoperability with regional and cross-border payment networks
SPaN’s governance and operational responsibilities will be phased in progressively through 2025 and 2026. Full handover of scheme ownership and management is expected to be completed by end-2026.
Industry observers say the initiative could serve as a model for other jurisdictions looking to modernise legacy payment governance. By aligning public sector oversight with private sector execution under an independent structure, SPaN positions Singapore to lead the region in delivering secure, scalable and interoperable digital payment infrastructure.
