Singapore launches SPaN to overhaul national payment systems and boost financial innovation
TIL Creatives Singapore Payments Network Limited (SPaN) will unify the governance of payment systems like PayNow and SGQR by 2026 to promote digital payments innovation and coordination across financial institutions (AI generated image)
Singapore consolidates payment systems under SPaN for stronger oversight
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced the formation of Singapore Payments Network Limited (SPaN), a centralized entity created to oversee and streamline the governance of Singapore's national payment schemes.
Set to be operationally ready by the end of 2026, SPaN is a not-for-profit company. It will initially be supported by MAS and seven major banks, with additional members expected to join in the future. The goal is to unify oversight and accelerate innovation in Singapore's payments sector, which currently features eight key systems managed by separate administrators. These include widely used platforms such as PayNow, the Singapore Quick Response Code (SGQR), and the Inter-bank GIRO system.
Also read: Tech world stunned as AI chip scandal unfolds; will Nvidia get caught in the industry-wide fallout? According to a joint statement issued Wednesday, June 25, by MAS and ABS, the initiative will foster cohesive governance over both domestic and cross-border payment infrastructures and encourage broader collaboration across financial institutions.
'Streamlined governance of payment schemes will enable financial institutions to respond swiftly and innovate effectively to meet the evolving digital payment needs of consumers and businesses,' said ABS Chairman Helen Wong.SPaN to enhance innovation and digital payment efficiency in SingaporeSPaN is expected to enhance operational efficiency and coordination across Singapore's digital payment landscape. By bringing together multiple stakeholders under a unified governance structure, it aims to eliminate redundancies and ensure cohesive development across national payment platforms.A newly appointed board of directors will oversee SPaN's next phase, which includes onboarding more stakeholders and transferring operational oversight of existing payment systems to the new entity.
Also read: Singapore rolls out tax rebates, $3.7 billion program to boost stock market Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong welcomed the move, calling it a critical step forward for Singapore's digital economy.'The formation of SPaN is a timely move to strengthen our national payments infrastructure and drive further innovation within our payments sector,' said Gan.
Singapore's payments ecosystem has evolved rapidly in recent years, supported by initiatives like real-time payments and expanded cross-border payment capabilities. The creation of SPaN is positioned as a long-term strategy to ensure that governance keeps pace with technological and regulatory developments.
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