The Monetary Authority of Singapore (MAS) announced that the Singapore Payments Network (SPaN) has appointed Derek Chan as its inaugural chief executive officer and a board of 11 directors chaired by Jacqueline Loh. SPaN will begin operations in early 2027, with an immediate focus on ensuring a stable transition of national payment schemes from their current administrators. Established by MAS and the Association of Banks in Singapore, SPaN is a nonprofit entity created to consolidate the governance and development of Singapore’s national payment schemes. As scheme owner, it will strengthen governance and operational resilience, modernize the core national payment infrastructure and deepen regional connectivity. Chan brings close to two decades of payments experience, including as chief business officer of Banking Computer Services Private Limited, which operates key national clearing and payment infrastructure in Singapore.
Monetary Authority of Singapore announces Singapore Payments Network’s inaugural chief executive and board ahead of early 2027 operations
The Monetary Authority of Singapore announced Derek Chan as the Singapore Payments Network’s inaugural chief executive officer and the appointment of an 11-person board chaired by Jacqueline Loh. The entity will start operations in early 2027, initially focusing on transitioning national payment schemes from their existing administrators. Its mandate includes consolidating scheme governance, strengthening operational resilience and modernizing Singapore’s core payment infrastructure.