Singapore unifies payment systems under SPaN by 2026
Singapore is consolidating eight major payment schemes into a single network the Singapore Payments Network (SPaN) to simplify transactions, lower costs, and improve payment security. By 2026, consumers and businesses will make all domestic and international transfers through one unified platform.
● Unites eight schemes to create one payment system with simpler transactions
● Reduces transfer charges while increasing speed and security,
● Reinforces Singapore’s standing as a top financial hub in Southeast Asia
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have jointly launched the Singapore Payments Network (SPaN) a project that will merge eight local payment schemes into a single, interoperable system.
People from 2026 using PayNow, FAST, GIRO, and SGQR will be able to make payments on a unified platform. The change will not only make the payment processes more efficient and easier, but it will also allow for a high level of security to be maintained to prevent system failure and fraud.
SPaN is a huge advance in terms of payment infrastructure for Singapore. By linking together different schemes into one payment system, the new project benefits people by making transactions easier, faster, and safer. It will also maintain Singapore’s position as one of the top financial hubs in Southeast Asia.
Cuts costs while boosting speed and security
The network is a first step toward lowering transaction costs through more efficient operations, enabling faster, cheaper local and international payments that encourage digital use.
Financial institutions including DBS, OCBC, HSBC and Citibank are expected to leverage SPaN to roll out new customer-centric features such as instant settlements, improved digital wallets and
Cross-border connectivity. A standardised security protocol will help reduce system interruptions and reduce fraud risk.
SPaN to simplify and secure Singapore’s payments ecosystem
Figure 1. Key benefits of SPaN for consumers and businesses
|
Changes SPaN introduces |
Benefits for users |
|
One network for all schemes |
Less confusion, greater convenience |
|
Faster domestic transfers |
Instant money movement |
|
Lower payment costs |
More savings per transaction |
|
Unified security framework |
Safer, more reliable payments |
|
Cross-border integration |
Easier international money transfers |
|
Bank and fintech collaboration |
New digital wallet and app features |
Source: Monetary Authority of Singapore (MAS)
Strengthens Singapore’s role as a regional financial hub
SPaN demonstrates how an integrated system can deliver tangible benefits to everyday users while supporting Singapore’s broader fintech ambitions. From paying at hawker centres to sending money overseas, transactions will become more seamless and efficient strengthening Singapore’s edge as a global leader in financial innovation.
By 2026, a very simple action like sending a message to pay in Singapore could signify a major change in the city’s climb toward a more integrated and smart financial future.