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Email: info@buckinghamcapitalconsulting.co.uk
 
Telephone: 0207 866 2512 
International: 442078662512
Skype: BCC54321 
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Buckingham Capital Consulting Ltd  |   One Kingdom Street, London, W2 6BD  |  Telephone: 0800 689 0501  |   Email: Info@buckinghamcapitalconsulting.co.uk

Registered in England and Wales registration number: 08744241

 

Copyright 2013 - 2020 Buckingham Capital Consulting Ltd

    How to obtain an SVF license in Singapore




    What are stored value facilities?

    The Singapore Stored Value Facilities (SVF) are corporate structures used for holding and managing online accounts, virtual currencies, prepaid debit cards as well as online payment processing. It is comparable to E-money institutions in Europe.

    Stored value facilities (SVF) are prepaid instruments that can be used for the payment of goods or services up to the amount that has been stored in the instrument.

    There are two types of SVF, namely single-purpose and multipurpose SVF.



    Regulation


    The Payment Systems (Oversight) Act (PS(O)A) and its related regulations govern the issuance and management of SVFs.

    Single Purpose SVF (stored value facility)


    A single-purpose SVF can only be used for the payment of goods and services provided by the issuer of the SVF, and not by any third party. An example of single-purpose SVF is the prepaid telephone card, which can only be used to pay for telephone services provided by the issuer.

    Multipurpose SVF (stored value facility)


    A multipurpose SVF can be used for the purchase of goods and services provided by the issuer as well as third parties. The ez-link card and Nets Cash Card are examples of multi-purpose SVF.

    Are all SVFs approved by MAS?

    MAS only approves widely accepted SVF (WA SVF), which are multi-purpose SVF with a total outstanding stored value of $30 million or more. The entity that holds the money collected from users of the WA SVF has to be approved by MAS. For SVF with total outstanding stored values below $30 million, MAS' approval is not required and any entity can issue such SVF. Single-purpose SVF schemes also do not require MAS' approval.


    Next Steps

    Buckingham Capital Consulting is a leading international consulting firm, specialising in payment services, electronic money, banking and investment services. We are able to advise you on the best course of action and strategy based upon your business plan and financial product or service. We can you with licencing, compliance, operational setup and related services, including, obtaining banking facilities.

    Call us today on 02078662512 or 442078662512 if you are calling from abroad. Alternatively, please send an email to info@buckinghamcapitalconsulting.co.uk to arrange a telephone call or to discuss your requirements and plan. We are also able to arrange calls or conference calls using Skype. Our Skype ID is BCC54321. If you wish, we can arrange a meeting at one of our offices.


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