MAS and ABS incorporate Singapore Payments Network, a new payments entity to position national payment schemes for next stage of growth

29 July 2025

On 25 June 2025, the Monetary Authority of Singapore (“MAS”) and the Association of Banks in Singapore (“ABS”) jointly announced the incorporation of the Singapore Payments Network (“SPaN”). SPaN, set up by MAS and ABS as a not-for-profit company limited by guarantee, will consolidate the administration and governance of Singapore’s national payment schemes to position them for the next stage of growth, and collaborate with MAS on the development of Singapore’s national payments strategy.

The initial members of the company are MAS and the domestic systemically important banks. SPaN aims to provide strong governance over national and cross-border payment schemes, promote continuous payments innovation, and encourage active collaboration among key industry players.

MAS states that with the incorporation of SPaN, a board of directors will be formed to guide the company’s progression from incorporation to operational readiness, while ensuring sound governance and alignment with its strategic purpose. To take the company to an operationally ready state by end-2026, the board will oversee the next phase of work, which will include the onboarding of other direct participants of core national payments infrastructure as members of the company, and transition of national payment schemes from existing scheme administrators to SPaN. The board comprises senior representatives from MAS, financial institutions, and independent industry directors.

Reference materials

The press release is available on the MAS website www.mas.gov.sg.