Singapore Payments Network (SPaN), a not-for-profit established by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) to govern national payment schemes, appointed Derek Chan as its first CEO on October 28 and named an 11-member board. Operations will begin in early 2027.

Jacqueline Loh, deputy managing director for corporate development at the Monetary Authority of Singapore, chairs the board. She will become principal advisor in MAS’s managing director’s office on November 1.

Chan previously served as chief business officer at Banking Computer Services, which provides clearing services, including interbank Giro and cheque processing.

SPaN’s initial focus will be a stable transition of Singapore’s national payment schemes from their current administrators. Its mandate is to administer and govern the schemes, rather than operate the underlying payment infrastructure.

The MAS- and ABS-led initiative will consolidate governance under one entity. The broader reform aims to streamline upgrades and support efficiency, resilience, and innovation.

🔗 Source: The Monetary Authority of Singapore