SINGAPORE, June 26 (Xinhua) -- Singapore has established a new company to administer its national payment schemes, aiming to streamline governance and accelerate innovation across the payments sector, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) said on Wednesday.

The new not-for-profit entity, Singapore Payments Network Limited (SPaN), is scheduled to become operationally ready by the end of 2026. The MAS and seven banks will serve as its initial members, with more participants expected to join in due course.

Currently, the country's eight key payment systems, including PayNow, the Singapore Quick Response Code (SGQR), and the Inter-bank GIRO system, are managed by different administrators.

SPaN aims to provide strong governance over national and cross-border payment schemes, promote continuous payments innovation and encourage active collaboration among key industry players, the authorities said in a joint statement.

A board of directors will steer the next phase of development, which includes bringing additional stakeholders on board and transitioning oversight of the existing systems to the new entity.

ABS chairman Helen Wong said streamlined governance of payment schemes will enable financial institutions to respond swiftly and innovate effectively to meet the evolving digital payment needs of consumers and businesses.

Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong called the formation of SPaN "a timely move to strengthen our national payments infrastructure and drive further innovation within our payments sector." ■