Singapore Forms New Entity to Consolidate Payments
Singapore has launched a non-profit entity in an effort to consolidate the administration of national payment schemes.
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have set up Singapore Payments Network (SPaN), not-for-profit company limited by guarantee, according to a statement.
SPaN will aim to consolidate the administration and governance of Singapore's eight national payment schemes, such as Fast, Giro, PayNow and SGQR, to position them for the next stage of growth as well as collaborate with MAS on the development of the city-state's national payments strategy. It will also aim to promote continuous payments innovation and encourage active collaboration among key industry players.
«The incorporation of SPaN is an important step towards strengthening our national payment infrastructures under a unified governance structure. SPaN will set the foundation for the banking and payments industries to collaborate more effectively to build and facilitate greater resilience and innovation across Singapore’s payment infrastructures,» commented MAS managing director Chia Der Jiun.
Board of Directors
A board will be formed with the MAS and Domestic Systemically Important Banks (Citibank, DBS Bank, Hongkong and Shanghai Banking Corporation, Maybank, OCBC, Standard Chartered Bank and UOB) as initial members. The 11-member board will include two senior representatives from MAS, five bank and non-bank financial institutions as well as four independent industry directors.
The board will guide the company with the goal of becoming operationally ready by the end of 2026. This includes onboarding other direct participants of core national payments infrastructure as members of the company and transitioning national payment schemes from existing scheme administrators to SPaN.
«The streamlined governance of national payment schemes under SPaN will enable financial institutions to respond swiftly and innovate effectively to meet the evolving digital payment needs of consumers and businesses,» said ABS chair and OCBC CEO Helen Wong. «ABS and its member banks are committed to supporting SPaN in its mission to advance a robust and future-ready payment ecosystem that would be critical to Singapore's economy.»
