Stored Value Facilities (SVF) [Cancelled]
The SVF issuer is known as the holder of the stored value. Some electronic SVFs are also known as e-money. SVFs usually do not require Personal Identification Number (PINs) or signatures to use.
Regulations and Guidance
Types of SVFs
An SVF may be a single purpose scheme or a multi-purpose one.
Single Purpose SVFs
A single purpose SVF is, or is intended to be, used for payment only of goods or services, or of both goods and services, provided by the holder of that stored value facility. Note that single purpose SVFs are exempt from certain sections of the PS(O)A.
Widely Accepted SVF
A multi-purpose SVF scheme is regarded as a widely accepted SVF (WA SVF) when the stored value outstanding exceeds a prescribed threshold limit set in the PS(O)A.
Currently the threshold limit stands at $30 million.
The PS(O)A defines WA SVFs as a stored value facility in which the stored value is held by an approved holder and where an approved bank has undertaken to be fully liable for the stored value.
MAS' approval is required to continue operating this type of SVF scheme.
Approved WA SVFs
As of May 2019, six SVFs are approved as WA SVFs by MAS:
- “Merchant Stored Value Account” provided by Alipay Merchant Services Pte. Ltd., approved on 31 May 2019.
- "Xfers Wallet" provided by Xfers Pte Ltd, approved on 14 January 2019.
- “EZ-Link Card” provided by EZ-Link Pte Ltd, approved on 31 January 2007.
- "NETS CashCard" provided by Network for Electronic Transfers (Singapore) Pte Ltd (NETS), approved on 31 January 2007.
- "NETS FlashPay" provided by NETS, approved on 9 April 2010.
- "CapitaVoucher" provided by CapitaLand Voucher Pte Ltd, approved on 2 December 2016.
The definition of a relevant SVF can be found within this notice. This notice requires holders to implement “know-your-customer” measures to establish and verify the identity of users.