Singapore Payments Network Names Derek Chan Inaugural CEO
The new entity, established by the Monetary Authority of Singapore and the Association of Banks in Singapore, will govern national payment schemes starting in early 2027.
New Leadership for Payments Governance
The Singapore Payments Network (SPaN) has appointed Derek Chan as its inaugural Chief Executive Officer. This new not-for-profit entity was established by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS).
SPaN is set to commence its role in administering and governing Singapore's national payment schemes in early 2027, aiming to consolidate the oversight and development of these crucial financial infrastructures.
Board and CEO's Experience
Alongside Mr Chan's appointment, SPaN has formed an 11-member Board of Directors. Jacqueline Loh, Deputy Managing Director (Corporate Development) at the MAS, chairs this board. Mr Chan brings nearly two decades of experience in payment scheme development, operations, and industry engagement.
His background includes roles at global card schemes and serving as Chief Business Officer of Banking Computer Services Private Limited, which operates key national clearing and payment infrastructure in Singapore.
Strategic Objectives
SPaN's initial focus will be to ensure a stable transition of national payment schemes from their current administrators. The organisation also plans to strengthen governance and operational resilience across the payment ecosystem. Furthermore, SPaN aims to modernise Singapore's payment infrastructure and deepen regional connectivity, according to statements from the entity.
Derek Chan emphasised that SPaN will build on partnerships with MAS, industry participants, and the payment system operator.
The establishment of SPaN signals a push for enhanced standardisation and efficiency within Singapore's digital payment landscape. Businesses operating in the city-state, particularly those engaged in cross-border transactions, can anticipate improved interoperability and potentially streamlined processes.
Financial institutions will need to adapt to the new governance frameworks and operational guidelines once SPaN begins its full operations in early 2027, impacting compliance and system integration efforts.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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