Leadership Team Formed for Singapore Payments Network
Singapore Payments Network has appointed a CEO and Board to lead the nation's payments innovation.
On October 28, 2026, the Singapore Payments Network (SPaN) announced the appointment of its first Chief Executive Officer (CEO) along with the formation of its Board of Directors. Established through the collaborative efforts of the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS), SPaN plays a pivotal role in overseeing Singapore’s national payment systems.
Derek Chan Takes the Helm
Derek Chan has been appointed as the inaugural CEO of SPaN, bringing nearly 20 years of invaluable experience in the payments industry. His background includes significant leadership roles in global card schemes and as Chief Business Officer at Banking Computer Services Private Limited. Under his guidance, these firms have developed essential payment infrastructures in Singapore.
With his diverse expertise and thorough understanding of the local payments landscape, Mr. Chan is set to steer SPaN through its developmental stages. His focus will include establishing operational capabilities and achieving strategic objectives vital for the organization's growth.
A Diverse and Experienced Board
The governance of SPaN is supported by an 11-member Board, chaired by Jacqueline Loh, who will transition to the role of Principal Advisor in the MAS leadership team effective November 1, 2026. With an extensive background in corporate development, Ms. Loh will remain actively involved in SPaN's strategic direction.
The Board is composed of professionals with expertise in various sectors, including banking, technology, regulatory affairs, and legal governance. This blend of skills and experiences ensures that SPaN will have robust oversight as it works to maintain Singapore's payment systems at the forefront of innovation while ensuring accessibility and resilience.
Focus on Operational Readiness
SPaN is scheduled to commence operations in early 2027, prioritizing a smooth transition of Singapore's national payment schemes from their existing administrators. The organization aims to enhance operational resilience and governance while fostering innovation across Singapore’s payment infrastructure.
In her statement, Jacqueline Loh emphasized the significance of these appointments, stating, “The formation of SPaN's inaugural Board and the selection of its first CEO mark key milestones for the organization. Our immediate goal is to fortify governance and promote collaboration within the industry as we lay the groundwork for world-class payment systems that are resilient and responsive.”
Collaboration and Future Commitments
Derek Chan shared his vision for SPaN, highlighting that the entity is designed to unify governance and development across national payment schemes. He noted, “SPaN will collaborate closely with MAS and industry stakeholders, including Banking Computer Services, which operates Singapore’s payment infrastructure, ensuring a secure and accessible payment ecosystem.”
Through these partnerships, SPaN is dedicated to evolving the payment landscape in Singapore, keeping pace with changing consumer needs and technological advancements. Together with stakeholders, SPaN is committed to fostering a payment infrastructure that is not only secure and accessible but also adaptive to the future's demands.