New Entity Introduced by MAS and ABS to Oversee Singapore’s Payment Network

A Report by CYS Global Remit FinTech Development Unit 

In a significant stride to reinforce Singapore’s position as a global financial hub, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced the creation of a new entity—Singapore Payments Network (SPaN)—to oversee the country’s eight major payment schemes. This collaborative initiative aims to streamline governance, foster innovation, and enhance the robustness of Singapore’s payment infrastructure for both domestic and cross-border transactions. 

SPaN, a not-for-profit organization, will unify the management of key services such as Fast, Giro, PayNow, and SGQR, which are currently operated by multiple bodies. This consolidation is designed to boost efficiency, encourage collaboration among industry players, and build a more resilient, future-ready payment ecosystem. The new entity is expected to become fully operational by the end of 2026. 

The founding members of SPaN include MAS and seven leading banks: Citibank, DBS Bank, HSBC, Maybank, OCBC, Standard Chartered, and UOB. Governance will be managed by an 11-member board comprising senior representatives from MAS, bank and non-bank financial institutions, and independent industry experts. This diverse board will steer SPaN’s transition toward full operational capacity, including onboarding additional participants in Singapore’s core payments infrastructure. 

MAS Managing Director Chia Der Jiun emphasized the importance of this development, saying, “The establishment of SPaN is a pivotal step in strengthening our national payment infrastructure under a unified governance framework. It will lay the foundation for greater industry collaboration, resilience, and innovation across Singapore’s payment landscape.” 

This move addresses the evolving digital payment needs of consumers and businesses as Singapore increasingly shifts from traditional methods like cheques to advanced e-payment solutions. SPaN will play a vital role in driving this transformation and enhancing Singapore's connectivity with international payment systems—further establishing its reputation as a leading financial center in Asia. 

The formation of SPaN marks a new chapter for Singapore’s payment ecosystem—one poised to deliver improved efficiency, innovation, and security for all users. 

Sources 

• www.straitstimes.com/business/mas-abs-announce-new-entity-to-oversee-singapores-eight-national-payment-schemes 

• https://fintechnews.sg/113140/payments/singapore-payments-network-span/ 

• https://www.mas.gov.sg/news/media-releases/2025/mas-and-abs-announce-the-incorporation-of-new-payments-entity