In a major development for Singapore’s financial sector, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced the formation of the Singapore Payments Network (SPaN).
The new entity, incorporated on Wednesday (25 June), is tasked with overseeing eight of the nation’s core payment schemes, including FAST, GIRO, PayNow and SGQR.
The initiative marks a consolidation of governance for national payment infrastructures, which were previously managed separately by MAS, ABS, the Singapore Clearing House Association and the Infocomm Media Development Authority.
SPaN aims to unify and streamline this oversight under a single not-for-profit organisation.
The formation of SPaN was initially announced on 12 February 2025. With its incorporation now formalised, the organisation is expected to become operational by the end of 2026.
Its primary functions include strengthening governance for both national and cross-border payment schemes, promoting continuous innovation in the payments space, and encouraging greater collaboration among key financial industry players.
SPaN’s initial members include MAS and the seven Domestic Systemically Important Banks (D-SIBs): Citibank, DBS Bank, HSBC, Maybank, OCBC, Standard Chartered Bank, and UOB.
An 11-member board of directors will guide the organisation through its transition to operational readiness. The board comprises two senior MAS representatives, five from bank and non-bank financial institutions, and four independent industry experts.
This governance structure is designed to ensure strategic alignment and robust oversight, while also facilitating the onboarding of other participants in Singapore’s core national payment infrastructure.
Deputy Prime Minister and MAS Chairman Gan Kim Yong underscored the significance of SPaN during his address at the ABS 52nd Annual Dinner on 25 June.
He noted that payment systems such as FAST and SGQR are vital to the everyday financial transactions of both individuals and businesses. He described the formation of SPaN as a timely initiative to reinforce the country’s payment infrastructure and spur further innovation in the sector.
Chia Der Jiun, MAS Managing Director, emphasised the importance of a unified governance structure, stating that SPaN will provide a strong foundation for more effective industry collaboration.
Helen Wong, ABS Chairman, added that consolidating the oversight of national payment schemes under SPaN will allow financial institutions to respond swiftly and innovate effectively to meet the evolving digital needs of consumers and businesses.
In addition to SPaN’s establishment, Wong announced that two new electronic deferred payment (EDP) methods will be introduced by the end of July 2025. These solutions aim to support the transition from paper cheques to e-payments.
Retail and corporate clients of the seven major banks will be able to access these options through digital banking platforms.
An awareness campaign will accompany the EDP rollout, aiming to educate the public and encourage the adoption of digital payment methods.
Gan also highlighted broader economic challenges during his speech, citing global tariff uncertainties and the impact of protectionist policies on trade-dependent economies like Singapore. He urged businesses to adapt to this new global order and praised banks for stepping up to support companies facing disruptions, such as offering temporary trade bill extensions to small and medium-sized enterprises.
Beyond payments, the event also touched on sustainable finance. Gan announced that the Singapore Sustainable Finance Association will soon release a guide to help market participants use the Singapore-Asia Taxonomy (SAT) to align their green and transition financing strategies.
The taxonomy, launched by MAS two years ago, provides a framework for defining sustainable economic activities.
Additionally, the National University of Singapore (NUS) will introduce an undergraduate specialisation in sustainable finance at its business school. The programme is expected to enrol about 50 students annually with plans to expand over time.
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