payment<\/a> schemes.<\/p>\nSPaN has been established as a not-for-profit company limited by guarantee by MAS and ABS, with Singapore\u2019s Domestic Systemically Important Banks (D-SIBs) as its founding members. Bringing Singapore\u2019s national payment schemes under a unified governance structure, SPaN will provide strong oversight, continuous payments innovation, and collaboration among key financial industry players.<\/p>\n
The formation of SPaN enables Singapore\u2019s ambition to advance a future-ready, secure and interoperable payments ecosystem. By consolidating the administration of national payment schemes, it will enable financial institutions to respond swiftly to the evolving needs of consumers and businesses in an increasingly digital economy, driving greater convenience, enhanced security and a seamless payment experience.<\/p>\n
To steer the company towards full operational readiness by end-2026, a board of directors has been appointed to guide SPaN\u2019s strategic roadmap and ensure robust governance aligned with its national mission. The board will oversee the onboarding of additional direct participants across Singapore\u2019s core payments infrastructure and manage the transition of payment schemes from existing administrators to SPaN.<\/p>\n
Chia Der Jiun, Managing Director of MAS,<\/strong> said, \u201cSPaN sets the foundation for the banking and payments industries to collaborate more effectively to build resilience, foster innovation and ensure our payment systems continue to meet the highest standards of efficiency and security,\u201d he said.<\/p>\nHelen Wong, Chairman of ABS,<\/strong> said, \u201cWith SPaN, financial institutions will be empowered to innovate and respond swiftly to the changing needs of consumers and businesses. ABS and its member banks are committed to supporting SPaN in its mission to advance a robust and future-ready payment ecosystem that will remain vital to Singapore\u2019s economic growth.\u201d<\/p>\nSPaN will continue working closely with MAS and key industry stakeholders to shape Singapore\u2019s national payments strategy, ensuring that the country remains at the forefront of digital payments innovation in the region and beyond.<\/p>\n","protected":false},"author":35851,"featured_media":568900,"parent":0,"template":"","categories":[11395,11381,41779,11368,11376,42764,11384],"tags":[12663,11864,50264,11668,12472,11769,11549,11515,11418],"class_list":["post-568899","ibsi_news","type-ibsi_news","status-publish","has-post-thumbnail","hentry","category-analytics","category-artificial-intelligence","category-banktech","category-core-banking","category-digital-banking","category-digital-payments","category-payments","tag-ai","tag-apac","tag-core-payment-system","tag-cross-border-payments","tag-financial-inclusion","tag-financial-institutions","tag-financial-services","tag-fintech","tag-instant-payments"],"acf":[],"yoast_head":"\n
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