Singapore Payments Network Appoints Derek Chan as CEO to Lead National Payment Schemes

Singapore’s central bank and banking association have appointed Derek Chan as the inaugural Chief Executive Officer of the Singapore Payments Network (SPaN). This move centralises the governance of national payment schemes, signaling a major shift toward a more unified and resilient infrastructure for fintechs and banks operating in one of Asia’s primary financial hubs.

What was announced

The Singapore Payments Network (SPaN), a not-for-profit entity established by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS), has formalised its leadership structure ahead of a planned operational launch in early 2027. Derek Chan has been named the first CEO of the organisation, bringing nearly twenty years of experience in the payments sector. His background includes leadership roles at global card schemes and a tenure as Chief Business Officer of Banking Computer Services Private Limited, the entity responsible for operating Singapore’s national clearing and payment infrastructure.

Alongside the CEO appointment, SPaN has established an 11-member Board of Directors. The board is chaired by Jacqueline Loh, who serves as Deputy Managing Director (Corporate Development) at MAS. The board members possess expertise spanning banking, technology, global payments, innovation, governance, and legal affairs. This leadership team is tasked with providing strategic oversight as the entity prepares to take over the administration of Singapore’s national payment schemes.

The immediate priority for SPaN is to manage a stable transition of these schemes from their current administrators. Once operational, the organisation will act as the scheme owner, with a mandate to strengthen operational resilience and drive the modernisation of core national infrastructure. The entity also aims to foster deeper regional connectivity, ensuring that Singapore’s payment systems remain responsive to evolving industry needs while maintaining high standards of security and accessibility.

"The establishment of SPaN's inaugural Board and the appointment of its first CEO 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."

Jacqueline Loh

The companies involved

The Singapore Payments Network (SPaN) is a newly formed not-for-profit organisation designed to consolidate the governance and development of Singapore’s national payment schemes. It functions as a collaborative effort between the public and private sectors, specifically the central bank and the collective banking industry, to ensure that the nation's financial rails are managed under a unified strategic vision.

The Monetary Authority of Singapore (MAS) is the country’s central bank and integrated financial regulator. It plays a dual role in the market, acting as both a supervisor of financial institutions and a promoter of Singapore as a global financial centre. MAS has been a primary driver in the adoption of digital finance and cross-border payment integration across Southeast Asia. The Association of Banks in Singapore (ABS) represents the interests of the local and foreign banking community. It works closely with MAS to implement industry-wide standards and initiatives, such as the national payment rails that SPaN will now oversee. Together, these entities represent the core of Singapore's financial policy and operational framework.

What FF News has reported before

FF News has extensively tracked the efforts of the Monetary Authority of Singapore to modernise financial infrastructure and foster international cooperation. In October 2026, we reported that MAS, BNM, and BOT Join Forces to Revolutionize Cross-Border Digital Money Settlement, highlighting Singapore's commitment to regional connectivity. This followed news that MAS and RBI Forge New AI Governance Fintech Standards for Global Markets, underscoring the regulator's focus on emerging technology standards.

The city-state continues to attract significant corporate investment, as seen when Finmo Opens Global HQ in Singapore to Accelerate AI-Driven Treasury Innovation. Furthermore, the ecosystem's maturity is reflected in partnerships like the one where Tazapay Joins Borderless Network to Scale Stablecoin Payouts Across APAC and LATAM, demonstrating the high volume of payment innovation occurring within the jurisdiction that SPaN will now govern.

What this means

The creation of SPaN represents a significant move toward the centralisation of national payment governance, a trend increasingly seen in mature financial markets looking to reduce fragmentation. By moving away from a model of disparate administrators and toward a single not-for-profit owner, Singapore is prioritising long-term systemic stability over short-term commercial interests. This consolidation puts pressure on existing infrastructure providers to align with a unified national roadmap, potentially accelerating the phase-out of legacy systems. However, the 2027 operational timeline suggests a very cautious approach to transition. The primary challenge for SPaN will be balancing the need for high-security resilience with the industry’s demand for rapid, innovative updates to national payment rails.