Singapore to Establish Unified Payments Governance Entity — Singapore Payments Network (SPaN)

On 12 February 2025, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) issued a joint media release announcing a major structural reform in the nation’s payments landscape.

They revealed plans to form a new national entity that would consolidate the governance and administration of Singapore’s eight key payment systems under one roof — a foundational step toward centralised oversight and streamlined coordination.

From Fragmentation to Integration: A Turning Point in Singapore’s Payment Infrastructure

At the 52nd ABS Annual Dinner on 25 June 2025, MAS and ABS jointly announced the official establishment of the Singapore Payments Network (SPaN) — a dedicated national payments governance body.

SPaN will unify the oversight of Singapore’s eight major payment systems, which are currently managed by a range of agencies.

In his keynote address, MAS Managing Director Chia Der Jiun emphasised:

“The formation of SPaN marks a significant step in strengthening our national payment infrastructure. It brings our payment systems under a single, unified governance structure — moving us from a multi-agency model to coordinated oversight.”

This transformation lays the groundwork for a more secure, resilient, and innovation-ready payments ecosystem — one that can support Singapore’s ambitions as a global digital financial hub.

The Current Fragmented Landscape

While Singapore’s payment systems rank among the world’s most stable and efficient, they are governed separately by various institutions. This fragmentation creates challenges in policy alignment, development pace, and technical integration.

Here’s how the current system is structured:

Singapore Clearing House Association (SCHA) oversees:
- FAST (Fast and Secure Transfers)
- GIRO
- SGD and USD cheque clearing systems
ABS oversees:
- PayNow
- eGIRO
- Electronic Deferred Payment (EDP)
MAS and Infocomm Media Development Authority (IMDA) co-govern:
- SGQR (Singapore Quick Response Code)

Although effective in the past, this multi-operator model now struggles to keep pace with rising demands for cross-platform interoperability, data integration, and real-time fraud prevention.

✅ Note: There will be no changes to how these systems operate for end users. The transformation only affects the governance and coordination model.

Structure and Objectives of SPaN

SPaN will be incorporated as a Company Limited by Guarantee (CLG) — a non-profit structure that puts public interest at the core. It aims to provide a neutral and collaborative platform for all payment participants, both current and future.

Key Founding Members:

Monetary Authority of Singapore (MAS)
Seven Systemically Important Banks, including:
- Local Banks: DBS, OCBC, UOB
- International Banks: Citibank, HSBC, Maybank, Standard Chartered

SPaN’s Governing Board Will Comprise:

2 senior MAS representatives
5 members from banking and non-banking financial institutions
4 independent industry experts

The board will oversee the setup, governance, and long-term strategy of SPaN, ensuring robust standards and sustainable operations.

Supporting the Transition: Phasing Out Corporate Cheques

To complement the transition toward digital and integrated payments, Singapore will fully phase out corporate cheques by end-2026.

Starting July 2025, MAS and ABS will introduce two new electronic deferred payment options — EDP and EDP+ — to replace traditional cheque usage. This shift will:

Reduce paper-based workflows
Improve transparency
Enable greater automation in B2B payments

Safeguarding Users: Progress in Scam Prevention

In parallel with payment upgrades, Singapore is making strong strides in financial crime prevention.

According to ABS, as of May 2025, nearly SGD 29 billion of customer funds have been successfully “locked” using the Money Lock feature — preventing unauthorised withdrawals and enhancing account security.

National Infrastructure Reform with Strategic Significance

The formation of SPaN is not just a governance realignment — it represents a long-term investment in Singapore’s digital finance future.

A unified framework will lead to:

Stronger infrastructure resilience
Faster and more consistent innovation rollout
Sharper policy coordination
A more agile response to emerging market trends

As MAS Managing Director Chia Der Jiun put it:

“SPaN will provide a strong foundation for closer collaboration across banks and payment providers, while enhancing the resilience and innovation capacity of Singapore’s payments ecosystem.”

This reform is a critical step in securing Singapore’s leadership in the global financial landscape, especially as digital finance, cross-border integration, and fintech disruption reshape the future of money.

References & Further Reading

Monetary Authority of Singapore (MAS) & Association of Banks in Singapore (ABS)
“MAS and ABS Announce the Incorporation of New Payments Entity – Singapore Payments Network (SPaN)”
Official joint media release announcing the formation of SPaN as a Company Limited by Guarantee, outlining its governance framework, key stakeholders, and national objectives.
Published on 25 June 2025 via MAS and ABS official websites.
Source: MAS | Source: ABS

The Asian Banker
“MAS and ABS launch SPaN to advance national payment schemes”
An in-depth analysis of SPaN’s strategic role, governance structure, and goals to enhance resilience and innovation in the payment ecosystem.
Published on 27 June 2025.

Fintech News Singapore
“Singapore Forms New Entity SPaN to Oversee National Payment Schemes”
Explores how SPaN will integrate FAST, GIRO, PayNow, and SGQR under a unified platform, with commentary on implications for industry collaboration and innovation.
Published on 26 June 2025.

Electronic Payments International
“Singapore establishes new entity to govern national payment schemes”
Coverage of SPaN’s formation as a joint MAS-ABS initiative, aimed at centralising payment governance and enhancing operational alignment.
Published on 26 June 2025.

The Economic Times
“Singapore launches SPaN to overhaul national payment systems and boost financial innovation”
Discusses the policy and economic significance of SPaN, especially its role in driving efficient, secure, and digitally advanced infrastructure.
Published on 26 June 2025.

Global Government Fintech
“Singapore Payments Network to 'drive national objectives' from 'end 2026'”
Highlights SPaN’s scheduled go-live timeline and its importance in advancing cross-border integration, fintech resilience, and national payment priorities.
Published in late June 2025.

The Straits Times
“MAS, ABS announce new entity to oversee Singapore’s eight national payment schemes”
News report covering the announcement of SPaN’s creation, including details of its board composition, member banks, and its role in modernising Singapore’s payments infrastructure.
Published around 25 June 2025.