The Singapore Payments Network (SPaN) has appointed Derek Chan as its inaugural Chief Executive Officer and established an 11-member Board of Directors chaired by Jacqueline Loh, Deputy Managing Director (Corporate Development) at the Monetary Authority of Singapore (MAS).
SPaN, a not-for-profit entity established by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS), will administer and govern Singapore’s national payment schemes when it begins operations in early 2027.
Chan has close to two decades of experience in payment scheme development, operations and industry engagement.
He previously held roles at global card schemes and served as Chief Business Officer of Banking Computer Services Private Limited, which operates key national clearing and payment infrastructure in Singapore.
SPaN’s Board brings together expertise in banking, technology, global payments, innovation, governance, and legal and regulatory affairs.
SPaN will initially focus on ensuring a stable transition of national payment schemes from their current administrators.
It also plans to strengthen governance and operational resilience, modernise Singapore’s payment infrastructure and deepen regional connectivity.
“SPaN was established to consolidate the governance and development of Singapore’s national payment schemes. It will build on close partnerships with MAS, industry participants and the payment system operator, each bringing important contributions to how SPaN delivers on its mandate.
Featured image credit: Edited by Fintech News Singapore, based on image by mrsiraphol via Magnific
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