The Monetary Authority of Singapore has joined forces with the Association of Banks in Singapore to establish Singapore Payments Network, a new entity which will administer and govern Singapore’s national payment schemes.
In February, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) revealed plans to set up the new entity, which would govern Singapore’s national payment schemes to position them for the next stage of growth, and to collaborate with MAS on the development of Singapore’s national payments strategy.
The Singapore Payments Network (SPaN) will operate as a not-for-profit company limited by guarantee to drive national payments objectives. The initial members of the company are MAS and the Domestic Systemically Important Banks (D-SIBs), made up of Citibank, DBS Bank, Hongkong and Shanghai Banking Corporation, Maybank, OCBC, Standard Chartered Bank and UOB.
Ultimately, SPaN aims to provide strong governance over national and cross-border payment schemes, promote continuous payments innovation and encourage active collaboration among key industry players.
“The incorporation of SPaN is an important step towards strengthening our national payment infrastructures under a unified governance structure,” explained 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.”
Building a future-ready payment ecosystem
To properly establish SPaN, a board of directors will guide the company’s progression from incorporation to operational readiness, while aiming to ensure sound governance and alignment with its strategic purpose. Eleven members will make up the board, comprising two senior representatives from MAS, five bank and non-bank financial institutions, as well as four independent industry directors.
Helen Wong, chairman at the Association of Banks in Singapore, also commented: “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.”
To make the company operationally ready by the end of 2026, the board will oversee the next phase of work, which will include the onboarding of other direct participants of core national payments infrastructure as members of the company, and the transition of national payment schemes from existing scheme administrators to SPaN.
