Singapore launches Singapore Payments Network to unify national payment systems

Singapore has taken a significant step in reshaping its financial sector with the launch of the Singapore Payments Network (SPaN), a new not-for-profit entity that will oversee eight of the nation’s core payment schemes.

The organisation was formally incorporated on 25 June, with plans to become fully operational by the end of 2026.

Announced jointly by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS), the initiative consolidates responsibilities previously shared across several institutions, including MAS, ABS, the Singapore Clearing House Association, and the Infocomm Media Development Authority.

Unified oversight of payment systems

SPaN will oversee a wide range of systems that are central to everyday transactions in Singapore, including FAST, GIRO, PayNow and SGQR.

By bringing these schemes under one umbrella, the government and financial sector aim to provide stronger governance, foster greater collaboration across institutions, and encourage innovation in both domestic and cross-border payments.

According to MAS, the streamlined structure is intended to ensure resilience while enabling quicker responses to industry shifts and consumer needs.

Membership and governance

SPaN’s founding members include MAS and Singapore’s seven Domestic Systemically Important Banks (D-SIBs): Citibank, DBS Bank, HSBC, Maybank, OCBC, Standard Chartered Bank, and UOB.

The organisation will be guided by an 11-member board of directors. This board will consist of two representatives from MAS, five representatives from both banks and non-bank financial institutions, and four independent industry experts.

The composition is designed to balance regulatory oversight with commercial insights while bringing in independent perspectives to ensure strong governance.

Official remarks

The formation of SPaN was formally unveiled at the ABS 52nd Annual Dinner on 25 June.

Deputy Prime Minister and MAS Chairman Gan Kim Yong emphasised the importance of the initiative, noting that systems like FAST and SGQR are crucial to everyday transactions for both businesses and individuals.

He described the new organisation as “a timely initiative to reinforce the country’s payment infrastructure and spur further innovation in the sector”.

MAS Managing Director Chia Der Jiun also underlined the importance of unifying governance. He said that a single structure will create “a strong foundation for more effective industry collaboration”, particularly as payments continue to evolve rapidly in the digital age.

Helen Wong, Chairman of ABS, added that centralising oversight under SPaN will enable banks and other financial institutions to “respond swiftly and innovate effectively” in meeting the changing needs of consumers and businesses.

New payment methods on the horizon

Alongside the announcement of SPaN, ABS unveiled two new electronic deferred payment (EDP) solutions that will be available by the end of July 2025.

The solutions are intended to accelerate the transition away from paper cheques by offering electronic alternatives for both retail and corporate clients.

Customers of the seven major banks will be able to access these services through their existing digital banking platforms.

To support uptake, a nationwide awareness campaign will be launched to educate businesses and individuals on how to adopt and use these new payment methods effectively.

Broader economic and financial context

Gan’s speech at the ABS dinner also addressed wider challenges in the global economy. He highlighted the impact of rising tariff uncertainties and protectionist policies, which pose risks to trade-dependent economies such as Singapore.

He called on businesses to adapt to this “new global order” and praised banks for their support of companies navigating disruptions. This includes providing temporary trade bill extensions to small and medium-sized enterprises (SMEs) to ease liquidity pressures.

Focus on sustainable finance

Beyond payments, the event also spotlighted Singapore’s continued push into sustainable finance.

Gan announced that the Singapore Sustainable Finance Association will soon release a guide to help market participants apply the Singapore-Asia Taxonomy (SAT), a framework launched by MAS in 2023 to define green and transition activities.

The guide is expected to provide practical tools for aligning financing strategies with sustainability goals, particularly in industries undergoing transition.

The National University of Singapore (NUS) is also stepping up its role in this field. Its business school will introduce an undergraduate specialisation in sustainable finance, with an initial intake of about 50 students annually and expansion planned over time.

The new programme is designed to equip future professionals with skills that can support Singapore’s ambition to be a leading centre for green and transition finance.

Transition period for SPaN

Although SPaN has now been incorporated, its operations will not begin immediately. The organisation is expected to undergo an extended transition process before it becomes fully operational at the end of 2026.

This period will allow for the development of technical infrastructure, the onboarding of participants beyond the founding members, and the establishment of its governance and operating frameworks.

Observers note that the extended timeline also provides room for industry players to adapt and prepare for changes in how payment systems will be managed under the new structure.

Significance for Singapore’s financial sector

The consolidation of payment scheme oversight into SPaN represents a significant milestone for Singapore’s financial infrastructure.

The move is expected to create efficiencies by reducing duplication of efforts across different entities, while also making it easier to implement innovation consistently across the payments ecosystem.

For consumers and businesses, the transition could translate into smoother payment experiences, faster adoption of new digital services, and stronger protection against systemic risks.

By aligning with broader goals in digital finance and sustainability, SPaN also reflects Singapore’s efforts to position itself as a forward-looking global financial hub.