Singapore Launches Unified Payments Entity SPaN to Streamline Open Banking and Payment Infrastructure

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have officially incorporated a new entity—Singapore Payments Network (SPaN)—to centralize administration and governance of the nation's core payment schemes. SPaN is intended to accelerate innovation, improve inter-operability, and support Singapore’s open banking infrastructure. The entity is expected to become operational by end-2026.

In a major step toward consolidating Singapore’s payments infrastructure, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have formally incorporated Singapore Payments Network (SPaN), a new governance body to oversee and administer the country’s national payment schemes. mas.gov.sg+2FinTech Futures+2

SPaN’s creation is intended to strengthen governance, foster innovation, and support the evolving needs of Singapore’s open banking ecosystem. Under its structure, payment scheme oversight and strategic coordination will be consolidated under a single entity, rather than dispersed across multiple administrators. reedsmith.com+2FinTech Futures+2

Background & Rationale

Singapore’s core payment schemes—such as FAST (Fast And Secure Transfers), Inter-bank GIRO, PayNow, eGIRO, and SGQR—are currently administered by different bodies, including the Singapore Clearing House Association (SCHA), ABS, MAS, and the Infocomm Media Development Authority (IMDA). reedsmith.com+2FinTech Futures+2

This scattered governance model can lead to inefficiencies, slower decision-making, and coordination challenges—especially as demand grows for seamless, real-time payments and open banking interoperability. Analysts believe that consolidating oversight under SPaN will reduce fragmentation, accelerate scheme upgrades, and support cross-border linkages. FinTech Futures+1

Structure & Timeline

SPaN has been incorporated as a non-profit company limited by guarantee. Its initial founding members include MAS, domestic systemic banks (D-SIBs), and key financing institutions. FinTech Futures+1

The governance board will comprise senior representatives from MAS, financial institutions, and independent industry directors. In its early phase, the board will oversee onboarding additional scheme participants and coordinate the transition of existing scheme administration into SPaN. mas.gov.sg+3FinTech Futures+3globalgovernmentfintech.com+3

SPaN is targeting operational readiness by end-2026, during which time it will assume responsibility for scheme administration, governance, and strategic planning of Singapore’s payments infrastructure. globalgovernmentfintech.com+2FinTech Futures+2

Role in Supporting Open Banking

While SPaN’s mandate focuses on payments rather than full open banking (which includes data sharing, APIs, account aggregation, etc.), its impact is still highly relevant:

• Standardization & Interoperability: With a unified governance body, SPaN can better harmonize scheme rules, interfaces, and standards—facilitating easier integration for banks and fintech in open banking setups.
• Innovation Enabler: Consolidated decision-making and governance help accelerate new payments features (real-time cross-border, tokenization, etc.), which can complement open banking services.
• Resilience & Efficiency: Central oversight can reduce redundancy, improve risk management, and ensure higher availability—critical for consumers and third-party providers relying on payments APIs.
• Strategic Planning: SPaN’s collaboration with MAS positions it to align payments infrastructure evolution with national fintech and open banking strategies.

Market Response & Challenges

Industry stakeholders generally welcome the incorporation of SPaN. Many banks and fintech firms view this as a long-awaited move to eliminate overlapping governance and promote more agile payments innovation. FinTech Futures+2globalgovernmentfintech.com+2

However, challenges remain:

• Transition Complexity: Migrating existing scheme administration, rules, contracts, and operational controls into a new entity will require careful change management.
• Maintaining Continuity: Users and service providers expect minimal disruption. SPaN will have to ensure smooth interim operations during handover phases.
• Balancing Legacy & Innovation: Some schemes have legacy systems and contracts; coordinating modernization while supporting backward compatibility is nontrivial.
• Governance Trust: Stakeholders will closely watch SPaN’s transparency, board composition, and decision-making to ensure it acts fairly and neutrally.

Implications for Consumers & Fintechs

For consumers, SPaN’s consolidation may lead to improved payment experience: lower friction, faster transfers, better cross-bank functionality, and more innovation in value-added services.

Fintechs and third-party developers stand to benefit from a more stable, predictable payments infrastructure—less fragmentation means easier integration, reduced development overhead, and clearer regulation.

Furthermore, as payments and open banking systems converge, SPaN may become a backbone entity enabling more advanced services like embedded finance, cross-border payments, or real-time account-to-account settlement in open banking apps.

Looking Ahead

Over the coming 12–18 months, SPaN will be under intense scrutiny as it transitions from concept to operational entity. Key milestones to watch include:

• Announcement of full board structure and governance charter
• Onboarding of more participants (banks and non-banks)
• Gradual transfer of scheme responsibilities from current administrators
• Release of new payment feature roadmaps and innovation initiatives
• Coordination efforts with MAS on open banking and fintech strategies

If SPaN succeeds, it could become a model for other financial centres seeking to unify payments and banking infrastructure under a coherent governance framework.

Singapore Payments Network, SPaN, open banking, MAS, ABS, national payment schemes, payments infrastructure, fintech, governance consolidation

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles