On 25 June 2025, the Monetary Authority of Singapore (“MAS“) and the Association of Banks in Singapore (“ABS“) jointly announced the incorporation of Singapore Payments Network (“SPaN“). Set up by MAS and ABS, SPaN is a not-for-profit company limited by guarantee to drive national payments objectives. SPaN will administer and govern Singapore’s national payment schemes, promote continuous payments innovation and encourage collaboration among key industry players.
Following the incorporation of SPaN, a board of directors will be formed to guide SPaN’s progression from incorporation to operational readiness, while ensuring sound governance and alignment with its strategic purpose. To ensure SPaN is operationally ready by end 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 SPaN members and the transition of national payment schemes from existing scheme administrators to SPaN.
The full list of national payment schemes and their respective scheme administrators can be found at Annex A of the media release. The board composition can be found at Annex B of the media release.
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