The Singapore Payments Network (SPaN), set up by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) to govern the country’s national payment schemes, named Derek Chan as its first chief executive on October 28, 2026. Chan was previously chief business officer of Banking Computer Services, which operates national clearing and payment infrastructure in Singapore, and SPaN’s 11-member board is chaired by Jacqueline Loh of MAS.
Why it matters: SPaN starts operating in early 2027 and will take over Singapore’s eight national payment schemes from their current administrators, according to The Straits Times, putting their governance under one scheme owner. MAS and ABS said that after the handover SPaN will work on operational resilience, upgrades to core national payment infrastructure and deeper regional connectivity.
Source: Monetary Authority of Singapore, October 28, 2026; The Straits Times, October 28, 2026
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Image: Nicolas Lannuzel, CC BY-SA 2.0, via Wikimedia Commons
