The Singapore Payments Network (SPaN), the not-for-profit body set up to administer and govern Singapore’s national payment schemes, has appointed Mr Derek Chan as its inaugural chief executive officer and named its board of directors, the Monetary Authority of Singapore (MAS) said on Oct 28.
SPaN was established by MAS and the Association of Banks in Singapore (ABS). It will commence operations in early 2027.
New CEO from the payments sector
According to MAS, Mr Chan has close to two decades of leadership experience in payments. He has led payment scheme development, payments operations and industry engagement, including in roles at global card schemes.
He was previously chief business officer of Banking Computer Services Private Limited, a NETS subsidiary that operates key national clearing and payment infrastructure in Singapore, the release said.
Mr Chan said SPaN “was established to consolidate the governance and development” of the country’s national payment schemes.
11-member board
SPaN will be governed by an 11-member board chaired by Ms Jacqueline Loh, currently Deputy Managing Director (Corporate Development) at MAS. MAS said board members bring expertise spanning banking, technology, global payments, innovation, governance, and legal and regulatory affairs.
With effect from Nov 1, 2026, Ms Loh will relinquish her deputy managing director role and become Principal Advisor in the Office of the Managing Director at MAS. In that role she will support the Managing Director on risk oversight, governance and leadership development, alongside chairing the SPaN board.
Ms Loh described the formation of the inaugural board and the CEO’s appointment as “important milestones for the company”.
What’s next
SPaN’s immediate priority is a seamless and stable transfer of the national payment schemes from their current administrators, MAS said. The schemes and their administrators are listed in an annex to the release.
As scheme owner, SPaN is tasked with strengthening governance and operational resilience, driving the innovation and modernisation of Singapore’s core national payment infrastructure, and deepening regional connectivity.
