Singapore, 28 October 2026…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 schemesPlease refer to Annex A for the full list of national payment schemes and their respective scheme administrators., has appointed its Chief Executive Officer (CEO) and Board of Directors.

2 Mr Derek Chan has been appointed as the inaugural CEO of SPaN. He brings close to two decades of leadership experience in the payments sector. Mr 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, Mr Chan is well placed to lead SPaN through its formative phase, establish its operating capabilities and advance its strategic objectives.

3 SPaN is governed by an 11-member BoardPlease refer to Annex B for the members of the board., chaired by Ms Jacqueline Loh, Deputy Managing Director (Corporate Development) of MASEffective on 1 November 2026, Ms Jacqueline Loh will relinquish her role as Deputy Managing Director (Corporate Development) of MAS and assume the role of Principal Advisor in the Managing Director’s office of MAS. Ms Jacqueline Loh will support the Managing Director across various areas of risk oversight, governance and leadership development, alongside her role as Chair of the Board of SPaN.. 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.

4 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 modernisation of Singapore’s core national payment infrastructure, and deeper regional connectivity.

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

6 Mr 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 operatorBanking Computer Services Private Limited, a subsidiary of NETS, which manages Singapore’s payment infrastructure and operates national payment schemes for consumers and businesses. – 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.”

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