SINGAPORE – The Singapore Payments Network (SPaN), which will administer and oversee the Republic’s eight national payment schemes, has appointed Derek Chan as its first chief executive officer.
Chan has almost 20 years of leadership experience in the payments sector, said the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) in a statement on Oct 28.
He has led payment scheme development, payments operations and industry engagement, including roles at global card schemes.
He was also the chief business officer of Banking Computer Services – a subsidiary of NETS – which manages Singapore’s payment infrastructure and operates national payment schemes.
“Drawing on his diverse cross-sector experience and familiarity with the industry participants and Singapore’s payments landscape, Chan is well placed to lead SPaN through its formative phase, establish its operating capabilities and advance its strategic objectives,” said the statement.
Chan said SPaN was established to consolidate the governance and development of Singapore’s national payment schemes.
He added that it will build on close partnerships with MAS, industry participants and Banking Computer Services, with each bringing important contributions to how SPaN delivers on its mandate.
“Together, we are committed to maintaining a payment infrastructure that is secure, accessible and responsive to the evolving needs of Singapore’s payments landscape,” he said.
SPaN is governed by a board chaired by current MAS deputy managing director (corporate development) Jacqueline Loh, who said the establishment of SPaN’s inaugural board and the appointment of its first chief executive officer are important milestones for the company.
“As SPaN progresses towards operational readiness, we will focus on strengthening governance, advancing industry collaboration and building a future-ready foundation to ensure that Singapore’s payment schemes remain world-class – widely accessible, operationally resilient, and at the forefront of payments innovation,” she said.
From Nov 1, Loh will relinquish her role as deputy managing director (corporate development) at MAS and assume the role of principal advisor in the Managing Director’s office.
She will support MAS’ managing director across various areas of risk oversight, governance and leadership development, alongside her role as SPaN’s chairman.
SPaN’s 11-member board comprises two senior representatives from MAS, five from bank and non-bank financial institutions, as well as four independent industry directors.
“The board will provide strategic oversight as SPaN works to keeping Singapore’s national payment schemes accessible, resilient and future-ready,” said the statement.
It added that the members bring together deep expertise in banking, technology, global payments, innovation, governance, legal and regulatory affairs.
SPaN will begin operations in early 2027, with an immediate focus on ensuring a seamless and stable transition of the national payment schemes from their current administrators.
Four payment schemes – Fast And Secure Transfers, Inter-bank GIRO System, Singapore Dollar Cheque Clearing System and US Dollar Cheque Clearing System – are currently under the Singapore Clearing House Association.
PayNow, eGIRO and Electronic Deferred Payment are currently under ABS, while Singapore Quick Response Code is under MAS and the Infocomm Media Development Authority.
MAS and ABS had first announced plans to consolidate Singapore’s national payment schemes under a single entity on Feb 12.