MOBU Cash, a Singapore-based payment company to provide crypto- fiat, fiat-crypto and fiat accounts in up to 21 currencies, in addition to debit cards accepted world-wide. MOBU Cash will be 100% owned by MOBU Holding Company. The main competitor in this space will be Revolut with a valuation of 2.9 bn USD which was started in 2017 and only operates in EU
MOBU Cash will be a fully operated, turn-key solution, for managing incoming settlements from users. Whether individuals, or companies, to assign to them dedicated, and unique, EU IBAN’s for EURO SEPA clearing which streamlines, and simplifies, the purchase of assets deriving from ICO activities. Furthermore, to participate in an ICO and buy the relevant tokens deriving from it.
The solution includes self-hosted desktop, and mobile app, “banking software” which can be used to manage users’ balances, the clearance of incoming wires, and the settlement of outgoing wires. Included is the KYC processes, and boarding of new users. We also provide dedicated Account Managers to supervise and monitor all wires, both outgoing and incoming, and chase up where required with intermediary banks. Our Account Managers will also be available to users to answer queries as they arise, and ensure the all users are familiar with the software, as well as creating realistic expectations regarding processes.
As part of the required legal framework, this solution includes the incorporation and management of a Singaporean company holding an SVF (Stored Value Facility) and the relevant, mandatory, AML and KYC programmes. This will also include all obligatory filings, tax returns, and the general fulfilment of regulations with the Monetary Authority of Singapore (MAS), and the Inland Revenue Authority of Singapore (IRAS).
The turn-key ancillary services would include email, and live chat support through the Telegram platform.
A broad overview of the product available within this solution include:
1. Licenced Singaporean company.
2. AML/KYC programme.
3. Self-hosted “banking software” (desktop and mobile app).
4. Dedicated and unique EU IBAN’s for EURO SEPA clearing.
5. Comprehensive customer services.
The timeline for the creation of this solution, from time off acceptance of proposal to the ability to board clients, would be up to four weeks. The details of this process are as follows:
1. Licenced Singaporean company with relevant AML/KYC programme — up to four weeks.
2. Full set up of “banking software” — up to three weeks.
3. Allocation of pool of IBAN’s for EURO SEPA clearing, with assignable beneficiaries — up to two weeks.
4. Set-up of customer service software, operators, processes and procedures — up to three weeks.
The Singapore SVF
The Singapore Stored Value Facility (SVF) is a Business Vehicle used for holding and managing online accounts, virtual currencies and/or prepaid debit cards. The SVF can be compared to E-Money institutions in other jurisdictions.
An SVF may be of single purpose or multi-purpose. A single purpose SVF is an SVF that 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 SGD 30 million (Approximately EUR 20 million). Approval from the Monetary Authority of Singapore (MAS) is required for the continued operation of this type of SVF. Consequently, an SVF offering accounts and payment services as a multi-purpose SVF, but that is not holding more than SGD 30 million (or equivalent in any other currency) in total deposits at any time, does not require MAS approval.
The Singapore SVF is the perfect vehicle for offering online accounts and payment services to clients worldwide. The SVF is well suited for offshore operations (for offering services 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 licensed in Luxembourg. Most clients located outside these regions, are served by the PayPal multi-purpose SVF (outside the MAS approval requirement).
Who Said Online Banking Cannot be Beautiful?
Our Online Banking Software will be designed to be the most user-friendly “out-of-the-box” online banking software in the world, not only for the end-users, but also for us, the bank administrators. We will use our Online Banking Software to create and maintain customer profiles, accounts, manage fee structures and track revenues. The platform is 100% web based, and encrypted using bank-grade SSL encryption. Our current users include banks, e-wallets, finance companies, trust companies, savings & loan associations, credit unions, forex companies, asset managers and others managing customer accounts in one way or the other.
Our Online Banking Software allows the users to communicate securely with the administrators through the secure encrypted messaging interface, to perform instantaneous transfers of funds between accounts and users, or by wire transfer to any other bank in the world. Unlike any other “out-of-the-box” banking systems available on the market, our Online Banking Software detects and adjusts automatically to the device, screen, and browser used, ensuring a perfect layout and functionality on all devices, including phones and tablets.
Below is the login screen for both end-users and administrators. The colour scheme, custom logo, as well as the text blocks (security tips etc) can be edited through the standard administrator settings. You can achieve your own look and feel in seconds.
Below is the landing page after end-user login. The screen displays the latest transactions, current balance, and secure message notifications, as well as the main menu with additional options. The user can easily switch between accounts (if more than one) using the drop-down menu.
The screen below is displayed when an end-user clicks on the “Transfer” option in the main menu. The user can choose from transfers between own accounts, transfer to another user within the same institution, or to an external account at any bank in the world, by wire transfer.
The colour scheme, custom logo, as well as the text blocks (security tips etc) can be edited through the standard administrator settings. You can achieve your own look and feel in seconds.
The screen displays the latest transactions, current balance, and secure message notifications, as well as the main menu with additional options. The user can easily switch between accounts (if more than one) using the drop-down menu.
The card funding option only appears if the card feature has been enabled in the admin interface. The card funding request feature is provider independent and not restricted to any specific card program. It simply generates a request for the administrator to debit an account and to load a specific card pre-associated with a user profile. We can also customize a batch file generator for volume card loads, to be used with the card program of your choice. Another option would be live integration for instantaneous loads by end-users, and with card transactions and balances available in real time within the Online Banking Software interface. Yet another solution, the most advanced one, is to integrate the card program so that card transactions (POS/ATM) are authorised as long as there are sufficient funds in the relevant account on the Online Banking Software platform, eliminating the need for loading cards altogether. The customers would then use the card as a debit card linked to their account rather than as a prepaid card.
The screens below display the forms used for transfers between accounts and transfers between users:
The screen below displays the outgoing wire transfer form:
Transfer requests submitted will appear in the admin interface, after having been properly authorized by the end-users.
An additional security feature can be used for authenticating outgoing payment orders, in the form of a Transaction Authentication Number (TAN). A list of TANs is automatically generated and delivered to the user when a new account is activated. Each TAN is used only once to authorize a transaction. The system will automatically generate and deliver a fresh list of TANs to the user, prior to all numbers in the previous list having being used. This two-factor authentication feature is optional, and can be disabled in the admin settings if required. We also offer an optional secure TAN by SMS feature, whereas a TAN is sent to the user’s mobile phone when required, for example when an outgoing wire transfer is requested. With TAN by SMS enabled, there is no need for the user to keep a list of TANs.
Admin decides whether to execute or to decline transfer requests. Requests can also be exported in a batch file for volume processing by correspondent banks, or international payment clearing providers such as www.world-clear.com. Batch files can also be imported for automatic updating of transaction status, e.g. from pending to executed.
We can also provide live integrations with the bank or payment processor of your choice, if possible in their end. Our programmers are here to help and we often provide customization work at no charge or at very reasonable rates, depending on the scope of the work involved.
The screen below displays the Admin landing page listing pending and recently executed requests:
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