Singapore Payments Network (SPaN) – A new era for payment systems
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Counsel
Singapore
I am a financial services regulatory lawyer, covering payments, capital markets services regulatory and crypto regulatory areas.
Associate
Singapore
I am an associate in Bird & Bird's Aviation and Aerospace Practice Group, based in Singapore. I work on a broad range of finance and leasing transactions in the aviation sector such as aircraft refinancing, sale and purchases and sale and leasebacks.
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When it comes to payments, it can get bewildering. With so many options, names, peculiar functionalities – it does become one big confusion. Singapore has long needed something that spans across all the payment schemes. Finally, that day has come - we are excited to share a significant development in Singapore’s payments landscape. The Monetary Authority of Singapore (“MAS”) and the Association of Banks in Singapore (“ABS”) have announced the incorporation of the Singapore Payments Network (“SPaN”), a new entity set to oversee the Republic’s eight national payment schemes, including FAST, GIRO, PayNow, and SGQR. Operational by 2026, SPaN aims to consolidate governance, enhance resilience, and drive innovation in both domestic and cross-border payments.
Highlights
- Unified governance: SPaN will streamline the administration of Singapore’s payment schemes, previously managed by multiple entities like the Singapore Clearing House Association (SCHA), ABS, MAS, and Infocomm. This consolidation is expected to improve coordination and decision-making.
- Innovation and collaboration: With a board comprising MAS and key industry players (e.g., Citibank, DBS, HSBC, OCBC), SPaN will foster collaboration to advance digital payment solutions and support Singapore’s national payments strategy.
- Global connectivity: SPaN is poised to enhance cross-border payment flows by integrating with international platforms, benefiting businesses and financial institutions in a globalized economy.
How would this impact you as a payment service provider?
The creation of SPaN marks a significant step toward a more robust and future-ready payment ecosystem. By unifying governance, Singapore is positioning itself as a global leader in payment innovation, addressing the evolving needs of consumers and businesses in a digital-first world. This move could streamline compliance and operational efficiencies for financial institutions, while fostering partnerships with international digital wallets. However, the success of SPaN will hinge on its ability to balance innovation with regulatory rigour and ensure seamless integration with existing systems during the transition.
For our clients, this development presents opportunities to leverage SPaN’s infrastructure for faster, cost-effective, and innovative payment solutions. We anticipate increased opportunities for fintech collaboration and enhanced cross-border capabilities, which could drive competitive advantages in the region.
Stay tuned for further updates as we monitor SPaN’s progression towards operational readiness in 2026.
Do reach out to our team should you require any assistance on regulatory compliance and licensing relating to Singapore’s payment laws.
This article is produced by our Singapore office, Bird & Bird ATMD LLP. It does not constitute legal advice and is intended to provide general information only. Information in this article is accurate as of 26 June 2025.
