Stored Value Facilities (SVF)

Stored value facilities (SVF) are a form of pre-paid electronic cash or card that can be used for payments. They are regulated under the Payment Systems (Oversight) Act.

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

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

Operators of SVFs and holders of stored value may also refer to MAS’ Stored Value Facility Guidelines for best practices.

View all payments regulations

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.

Relevant SVF

In the event that an SVF becomes a relevant SVF, the holder is also required to comply with the Notice PSOA-N02 to Holders of Stored Value Facilities on Prevention of Money Laundering and Countering the Financing of Terrorism.

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.