Singapore Payments Network Names Derek Chan as Inaugural CEO

The Singapore Payments Network (SPaN) is set to consolidate the governance and development of Singapore's national payment schemes, commencing operations in early 2027. Its initial focus will be on ensuring a stable transition of these schemes from their current administrators. SPaN also plans to strengthen governance and operational resilience, modernize Singapore’s payment infrastructure, and deepen regional connectivity.

Derek Chan, SPaN's first CEO, brings nearly two decades of experience in payment scheme development, operations, and industry engagement. His background includes roles at global card schemes and, notably, serving as Chief Business Officer of Banking Computer Services Private Limited. This company operates key national clearing and payment infrastructure within Singapore, directly linking Chan's operational experience to SPaN's mandate to modernize these foundational systems.

Chan's previous experience in operating national infrastructure suggests he possesses practical insights into the challenges and requirements for upgrading such systems. His work with global card schemes further indicates exposure to international standards and innovations in payments, which could support SPaN’s ambition to deepen regional connectivity. However, the report does not detail specific achievements in modernization or regional integration from his past roles, nor the precise scope of the "stable transition" SPaN will undertake.