MAS, ABS set up SPaN to oversee national payment schemes

It is expected to be fully operational by end-2026.

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have launched a new payments entity, Singapore Payments Network (SPaN), to take over the governance of the country’s national payment schemes.

SPaN will oversee systems such as FAST, GIRO, and SGD and USD cheque clearing. It replaces the existing scheme administrators and aims to improve coordination, speed up innovation, and strengthen the resilience of Singapore’s payment infrastructure.

The not-for-profit entity is backed by MAS and the country’s seven domestic systemically important banks, namely Citibank, DBS, HSBC, Maybank, OCBC, Standard Chartered, and UOB.

A board of 11 directors – including MAS officials, representatives from financial institutions, and independent members – will lead the transition. SPaN is expected to be fully operational by end-2026.

MAS and ABS had first announced plans for such an entity in February this year.