The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced the incorporation of Singapore Payments Network (SPaN), a new entity that will administer and govern Singapore’s national payment schemes. The move implements their earlier plan to consolidate scheme administration and governance under a single body and to support the development of Singapore’s national payments strategy. SPaN has been set up by MAS and ABS as a not-for-profit company limited by guarantee, with MAS and the Domestic Systemically Important Banks (D-SIBs) as its initial members. Its stated objectives include providing strong governance over national and cross-border payment schemes, promoting payments innovation, and encouraging collaboration among key industry players. An 11-member board will be formed to steer SPaN from incorporation to operational readiness by end-2026. The next phase includes onboarding other direct participants of core national payments infrastructure as members and transitioning national payment schemes from existing scheme administrators to SPaN.
Monetary Authority of Singapore 2025-06-25
Monetary Authority of Singapore and Association of Banks in Singapore incorporate Singapore Payments Network to administer and govern national payment schemes
The Monetary Authority of Singapore and the Association of Banks in Singapore have established the Singapore Payments Network (SPaN) to oversee national payment schemes under a single entity. SPaN, a not-for-profit company, aims to enhance governance, foster payments innovation, and promote industry collaboration. An 11-member board will guide SPaN to operational readiness by end-2026, with plans to onboard additional participants and transition existing schemes.