Singapore sets up SPaN to oversee national payment schemes

The skyline of Singapore

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) on June 25 announced the incorporation of Singapore Payments Network (SPaN), which will administer and govern Singapore’s national payment schemes.

The SPaN, which will be operational by 2026, will strengthen the governance of both national and cross-border payment schemes. The initial members of SPaN are MAS and financial institutions comprising Citibank, DBS Bank, HSBC, Maybank, OCBC, Standard Chartered Bank, and UOB.

SPaN will oversee systems such as FAST, GIRO, and SGD and USD cheque clearing. It replaces the existing scheme administrators and aims to improve coordination, speed up innovation, and strengthen the resilience of Singapore’s payment infrastructure.

A 11-member board will comprise two senior representatives from MAS, five bank and non-bank financial institutions, as well as four independent industry directors./.

VNA

Source: https://en.vietnamplus.vn/singapore-sets-up-span-to-oversee-national-payment-schemes-post321689.vnp