Singapore Names Its First Leader for New Payments Organization

Singapore has chosen Derek Chan to be the first chief executive officer of the Singapore Payments Network, known as SPaN. SPaN is a new organization that will be in charge of all eight of Singapore's national payment systems. The announcement was made on October 28 by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS). Chan will help SPaN get ready to start full operations in early 2027.

Chan brings nearly 20 years of experience working in the payments industry to his new role. He has worked on building payment systems, running payment operations, and working with different groups in the financial world. He has even held jobs at large global card companies. Most recently, he was the chief business officer at Banking Computer Services, which is part of NETS and helps run Singapore's payment networks.

MAS and ABS said Chan's wide range of experience makes him a strong fit for the job. They said he knows the payments industry well and understands how Singapore's payment systems work. His goal will be to help SPaN grow from the ground up, set up how it will operate, and work toward its long-term goals. Chan himself said SPaN was created to bring the management of Singapore's payment systems together under one roof.

Chan explained that SPaN will work closely with MAS, banks, and Banking Computer Services to make sure payments keep running smoothly for everyone. He said each partner brings something important to the table. His leadership will focus on making sure the new organization delivers on what it promises to the public. He believes strong teamwork between all parties is the key to success.

SPaN is led by a board of 11 members, which includes senior leaders from MAS, banks, and other financial institutions, as well as independent industry experts. The board is chaired by Jacqueline Loh, who is currently a top official at MAS. She called the formation of the board and the naming of a CEO important steps forward for SPaN. From November 1, Loh will also take on a new role as principal advisor at MAS while continuing to lead SPaN's board.

Loh said the board will keep a close eye on SPaN as it works to make Singapore's payment systems strong, fair, and ready for the future. She wants SPaN to be a world-class organization that leads the way in payments innovation. The board members bring deep knowledge in areas like banking, technology, law, and governance. Their combined skills will help guide SPaN as it grows.

Right now, Singapore's eight payment schemes are managed by three different groups. Four of them — including Fast And Secure Transfers and the Inter-bank GIRO System — are run by the Singapore Clearing House Association. Three others, such as PayNow and eGIRO, are managed by ABS, while the Singapore Quick Response Code is handled by MAS and another government body.

When SPaN begins operations in 2027, it will take over all eight of these payment systems. Its first big task will be to make the transfer from the current managers as smooth as possible. The goal is to make sure people and businesses in Singapore don't notice any disruption as the switch happens. MAS and ABS first announced this plan to combine all payment schemes under one organization back on February 12.