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Starting your own Transaction Banking Business

Transaction Banking Business

or E-wallet?

Do you wish to establish your own international transactional banking enterprise, e-wallet and transactional payment processing system?

THE SINGAPORE SVF IS A SUITABLE VEHICLE TO OFFER ONLINE ACCOUNTS AND PAYMENT SERVICES TO CLIENTS WORLDWIDE.

We provide Stored Value Facility (SVF) corporate structures for clients worldwide, complete with:

  1. Online Banking Software

  2. Multi-Currency Payment Clearing

  3. Monetary Authority (MAS) Approval

  4. BIC Registration on SWIFT®

  5. AML Compliance

  6. And many more features

Start Your Own

E-Banking Business

Have you been looking for a suitable license for setting up your own offshore online bank or e-money institution and concluded that most jurisdictions impose onerous requirements with regards to capital adequacy and qualification criteria?

You might be surprised to learn that Singapore, one of the most important and prestigious banking centers in the world, is offering a sophisticated business structure for anyone wishing to establish an international e-money or transaction banking business, without capital and qualification requirements.

LIMITATIONS AND TOUGH

REGULATORY REQUIREMENTS

IN MANY JURISDICTIONS?

Many jurisdictions, including most EU countries, offer e-money licenses for institutions wishing to offer online payment services, debit cards and related services.

However, such licenses typically come with limitations with regards to total amounts on deposit, the ability to pay interest on account balances or capacity to grant credit, as well as restrictions on how deposits can be held or invested. Not to mention extensive requirements with regards to capital, qualified management, audits and costly and time consuming license application procedures.

THE ADVANTAGE OF THE

SINGAPORE STORED

VALUE FACILITY

Compare the above situation in many jurisdictions to the Singapore Stored Value Facility (SVF), a flexible vehicle with which you can offer online accounts (and/or card) services to clients worldwide and if the SVF is not holding more than the equivalent of SGD 30 million (approximately EUR 20 Million) in deposits at any time, no approval of any kind is required from the Singapore Monetary Authority (MAS).

The SVF can very well commence operations without MAS approval and apply for approval only when/if the $30 million threshold is reached.

This total absence of entry barriers makes Singapore the most attractive jurisdiction in the world for anyone planning to set up an online payment or transaction banking business.

An SVF institution can literally be structured and incorporated in as little as 24-48 hours.

There are of course regulations and guidelines with regards to operation and the SVF has to comply with AML/KYC requirements.

While SVFs not allowing for account balances above $1,000 are not even required to identify customers, SVFs complying with AML regulations, including identifying their customers (as required in any regulated jurisdiction) are not subject to any maximum amount threshold per account/customer. Services can be offered to businesses and individuals in any country.

A prominent example of a SVF operation with worldwide reach is PayPal.

In the US, PayPal operates through Money Service Business (MSB) licenses in various states, while in the EU, services are mainly offered through PayPal’s own Luxembourg licensed bank.

As for most of the rest of the world, PayPal’s services are provided by PayPal Pte Ltd, a Singapore SVF operating outside the scope of MAS approval requirements.

YOU CAN START YOUR OWN

EBANKING AND PAYMENT PROCESSING SERVICES

TODAY THROUGH THE SVF

We offer a complete SVF package including:

  1. Incorporation of your SVF Business Entity in Singapore

  2. Anti-Money Laundering (AML) Compliance Program

  3. Local Nominee Director (minimum one resident director required)

  4. Registered Office and Annual Report Filings

  5. Online Banking Software

  6. Multi-Currency Clearing Accounts (USD, EUR, GBP, JPY, SGD, NZD, AUD and more)

  7. Introduction to Debit Card Issuers

  8. BIC Identifier Code Registered on SWIFT®

  9. Assistance with MAS Approval Application*

*MAS Approval is required only when/if the SVF will hold more than $30 million in total deposits.

To receive pricing and further details, please send us a brief description of your anticipated activities. We will contact you promptly with details and a description of the procedure.

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