Derek Chan Takes Helm as CEO of Singapore Payments Network
Derek Chan has been appointed CEO of SPaN, the entity overseeing Singapore's payment schemes, aiming for innovation and security in the Payment landscape.
SINGAPORE – The Singapore Payments Network (SPaN) has officially named Derek Chan as its inaugural chief executive officer, responsible for overseeing the country’s eight national payment systems.
On October 28, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced Chan’s appointment. With nearly two decades in the payments industry, he brings a wealth of leadership expertise.
Extensive Experience in Payments
Chan has a strong background in payment scheme development, operations, and stakeholder engagement. His past positions include significant roles at global card schemes as well as serving as the chief business officer for Banking Computer Services, a NETS subsidiary managing Singapore’s payment framework.
In a statement, MAS and ABS emphasized that Chan's diverse experiences equip him well to guide SPaN during its initial stages. His knowledge of Singapore's payments system and relationships with industry players will be crucial for establishing operational foundations and meeting strategic goals.
Leadership Vision for SPaN
According to Chan, SPaN’s creation is aimed at unifying the governance and development of Singapore’s various payment schemes. He highlighted the importance of collaboration with MAS, industry participants, and Banking Computer Services to advance SPaN’s objectives.
“We are committed to maintaining a payment infrastructure that is secure, accessible, and responsive,” Chan stated, reflecting on the entity’s goals.
Board Composition and Future Plans
SPaN is governed by a board led by Jacqueline Loh, the current MAS deputy managing director for corporate development. Loh emphasized that the formation of SPaN’s first board and Chan's appointment represent significant milestones for the organization.
“As we move toward operational readiness, our focus will be on strengthening governance, enhancing industry collaboration, and building a robust foundation to ensure that Singapore’s payment systems remain world-class,” stated Loh.
Starting November 1, Loh will transition from her role at MAS to assume the principal advisor position in the Managing Director's office, while continuing as SPaN’s chair.
The 11-member board will include two senior representatives from MAS, five from bank and non-bank financial institutions, and four independent industry experts. This diverse composition aims to provide strategic oversight to the organization.
As SPaN gears up to begin operations in early 2027, its primary focus will be the smooth transition of the national payment schemes, currently managed by various administrators.
Currently, four key payment schemes—the Fast And Secure Transfers, Inter-bank GIRO System, Singapore Dollar Cheque Clearing System, and US Dollar Cheque Clearing System—are under the management of the Singapore Clearing House Association. Meanwhile, PayNow, eGIRO, and the Electronic Deferred Payment system are governed by ABS, with the Singapore Quick Response Code managed by MAS and the Infocomm Media Development Authority.
The plans to centralize Singapore’s national payment schemes under SPaN were first announced on February 12, reflecting a progressive step towards streamlining payment processes in the country.
