The Singapore Payments Network (SPaN), a not-for-profit entity set up by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) to administer and govern Singapore’s national payment schemes, has appointed its Chief Executive Officer (CEO) and Board of Directors.

It said in a statement on Wednesday that Derek Chan has been appointed as the inaugural CEO of SPaN. He brings close to two decades of leadership experience in the payments sector.

Chan has led payment scheme development, payments operations and industry engagement, including roles at global card schemes, and as Chief Business Officer of Banking Computer Services Private Limited, which operates key national clearing and payment infrastructure in Singapore.

Drawing on his diverse cross-sector experience and familiarity with the industry participants and Singapore’s payments landscape, Chan is well placed to lead SPaN through its formative phase, establish its operating capabilities and advance its strategic objectives.

SPaN is governed by an 11-member Board, chaired by Jacqueline Loh, Deputy Managing Director (Corporate Development) of MAS.

Its members bring together deep expertise in banking, technology, global payments, innovation, governance, legal and regulatory affairs. The Board will provide strategic oversight as SPaN works to keeping Singapore’s national payment schemes accessible, resilient and future-ready.

SPaN will commence operations in early 2027, with an immediate focus on ensuring a seamless and stable transition of the national payment schemes from their current administrators.

As scheme owner, SPaN will strengthen governance and operational resilience while driving innovation and modernization of Singapore’s core national payment infrastructure, and deeper regional connectivity.

“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,” said Jacqueline Loh, Chairman of SPaN Board.

Derek Chan, CEO of SPaN, said 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,

“Together, we are committed to maintaining a payment infrastructure that is secure, accessible and responsive to the evolving needs of Singapore’s payments landscape,” he added.

MAS collaborates with banking industry to use AI in fighting against financial crime