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.
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)