Singapore sets up SPaN to unify core payment systems

By Vriti Gothi

Monetary Authority of Singapore (MAS) and Association of Banks in Singapore (ABS) have launched SPaN to unify and govern Singapore’s core payment schemes.

SPaN has been established as a not-for-profit company limited by guarantee by MAS and ABS, with Singapore’s Domestic Systemically Important Banks (D-SIBs) as its founding members. Bringing Singapore’s national payment schemes under a unified governance structure, SPaN will provide strong oversight, continuous payments innovation, and collaboration among key financial industry players.

The formation of SPaN enables Singapore’s ambition to advance a future-ready, secure and interoperable payments ecosystem. By consolidating the administration of national payment schemes, it will enable financial institutions to respond swiftly to the evolving needs of consumers and businesses in an increasingly digital economy, driving greater convenience, enhanced security and a seamless payment experience.

To steer the company towards full operational readiness by end-2026, a board of directors has been appointed to guide SPaN’s strategic roadmap and ensure robust governance aligned with its national mission. The board will oversee the onboarding of additional direct participants across Singapore’s core payments infrastructure and manage the transition of payment schemes from existing administrators to SPaN.

Chia Der Jiun, Managing Director of MAS, said, “SPaN sets the foundation for the banking and payments industries to collaborate more effectively to build resilience, foster innovation and ensure our payment systems continue to meet the highest standards of efficiency and security,” he said.

Helen Wong, Chairman of ABS, said, “With SPaN, financial institutions will be empowered to innovate and respond swiftly to the changing 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 will remain vital to Singapore’s economic growth.”

SPaN will continue working closely with MAS and key industry stakeholders to shape Singapore’s national payments strategy, ensuring that the country remains at the forefront of digital payments innovation in the region and beyond.