The Singapore Stored Value Facility Company (Singapore SVF)

Since 2003, Healy Consultants Group PLC has assisted our Clients with registering the optimal vehicle for financial services companies across the globe. One attractive option for e-wallet and payment card services is the incorporation of SVF business entity in Singapore.

What are stored value facilities?

  • Stored value facilities (or SVFs) are all types of prepaid cards and vouchers allowing their users to hold e-money and make payments up to the amount of the stored value;
  • Singapore regulations differentiate between two types of SVF schemes:
    • Single purpose SVF scheme, which can only be used to make payments or collect cash with the business which issued the card / voucher. For instance, a prepaid top up card;
    • Multi-purpose SVF scheme, which allows customers to use the card / voucher with other businesses, not necessarily related to the business of the issuer. Singapore public transport cards are an example, as they can also be used to make payments in selected shops.

What are some examples of stored value cards?

  • We all have been using prepaid (stored value) cards since a long time. Some common examples include i) EZ-link card; ii) NETS cash card; iii) Capita Voucher; iv) XFERS wallet; and v) NETS Flash Pay;
  • Further, the above have been recently approved by the MAS as widely accepted (WA) SVFs.

What are the advantages of registering a Singapore company to offer SVF services?

  • The regulations of Stored Value Facilities (SVF) are commercially attractive because:
    • Companies issuing single purpose SVFs are not legally required to secure a license with MAS;
    • Multi-purpose SVFs are only required to secure a license with MAS if i) they become “widely used” and ii) and the total value stored by the issuer exceeds SG$30 million;
    • Unless they are required to hold a MAS license, both single-purpose/ multi-purpose SVF schemes businesses are not required by law to implement “Know Your Client” procedures, although this is still highly recommended.
  • Using an SVF scheme is a prudent option to safely and quickly start issuing electronic money in Singapore;
  • It takes less than one week to register a Singapore SVF company, and the minimum paid-up capital for doing so is only SG$1;
  • If properly structured, companies registered in Singapore can also be legally exempt from Singaporean i) corporate income tax; ii) withholding tax and iii) VAT. See this webpage on the Singapore offshore company for further details.

Our service package

Singapore’s payment servicesStandard costDraft invoice
Singapore offshore SVF companyUS$20,510View invoice PDF
Singapore resident SVF company with money remittance licenseUS$33,730View invoice PDF

Important legal considerations

  • Foreigners who are not living in Singapore are not legally allowed to offer prepaid (stored valued) cards or vouchers to Singapore residents or to market their services to customers in the city-state;
  • SVF businesses managed from outside of Singapore may be subject to additional regulations in the countries where the directors live and / or where the business customers are based. We strongly recommend our Clients to inform themselves about the same;
  • Prepaid (stored value) cards are not equivalent to credit cards, debit cards and ATM cards, and should not be marketed as such;
  • Unlike banks and other financial institutions, customers of an SVF will never benefit from a Government guarantee, if the stored value card providers go under and they lose their stored e-money. However, widely accepted SVFs (WASVF) / multipurpose stored value facility (MPSVF) in Singapore usually appoint a bank to guarantee the total outstanding stored value.


Let us know if you require Healy Consultants Group PLC’s assistance to benefit from Singapore’s payment services to achieve your desired business goals.

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Contact us

For additional information on our SVF registration & licensing services in Singapore, please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi
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