About Stored Value Facilities
The Singapore Stored Value Facilities (“SVFs”) are corporate structures used for holding and managing online accounts, virtual currencies, prepaid debit cards and generally speaking online payment processing. The SVFs are comparable to E-Money institutions in other jurisdictions.
An SVF may be a single purpose or multi-purpose one. A single purpose SVF is used for payment only of goods or services provided by the holder of that SVF (the merchant/service provider). Single purpose SVFs are exempt from certain sections of the Payment Systems Oversight Act 2006 (PSOA). A multi-purpose SVF is not limited to payments of goods or services provided by the holder of the SVF.
When the stored value outstanding in a multi-purpose SVF exceeds a prescribed threshold limit set in the PSOA, the SVF is regarded as a widely accepted SVF. The threshold limit stands at Singapore Dollars 30,000,000 (circa 20,000,000 euro according to the current conversion rate of Singapore Dollar to euro ). Approval from the Monetary Authority of Singapore (MAS) is required for the continued operation of this type of SVF. An SVF offering accounts and payment services as a multi-purpose SVF not holding more than Singapore Dollars 30,000,000 (or equivalent in other currencies) in total deposits, does not require MAS approval.
The Singapore SVF is a suitable vehicle to offer online accounts and payment services to clients worldwide. The SVF is good for international operations (it may offer financial services of the kind to non-Singapore residents). As an example, PayPal offers services in the US through various entities licensed as Money Service Businesses (MSBs). In Europe PayPal operates its own bank which is licensed in Luxembourg. Most clients located outside these regions, are served by the PayPal multi-purpose SVF (outside the MAS approval requirement).
Singapore Stored Value Facilities Package
The cost of the entire package i.e. Singapore SVF company with local “Nominee” Director, online banking software platform, multi-currency clearance platform, SWIFT/BIC registration, AML compliance registration etc is only 35,500.00 euro.