Going forward with Xfers’ new status as an Approved Holder of a Widely Accepted Stored Value Facility (WA SVF) “Xfers Wallet” in Singapore
This article can now be found on: https://xfers.com/sg-blog/going-forward-with-xfers-new-status-as-an-approved-holder-of-a-widely-accepted-stored-value-facility-wa-svf-xfers-wallet-in-singapore
Financial inclusion has always been what drives us to do what we do in fintech. Our mission since founding Xfers in 2015 has been to enable and accelerate digital businesses in providing equal financial opportunities to everyone in South-East Asia.
As Xfers is now a Monetary Authority of Singapore (MAS) approved holder of a Widely Accepted Stored Value Facility (WA SVF), backed by an approved bank and joining EZ-Link Card, NETS CashCard, NETS FlashPay, and CapitaVoucher as the fifth and the only fintech startup in Singapore who is a holder of an MAS-approved wallet, we are pleased to share the good news — as to what this means for you, our valued consumers and businesses.
What is a WA SVF?
A Stored Value Facility (SVF) holder is a company that offers a form of prepaid electronic cash or card which can be used for the payment of goods and services. Examples include any e-commerce or e-payment company that allows you to top up your account or wallet (in their app), to be used by you later to buy goods or pay for services.
A WA SVF holder (which EZ-Link Card, NETS CashCard, NETS FlashPay, CapitaVoucher, and most recently Xfers Wallet are) is a step up from a SVF holder in that:
1. There are no more limits placed on the value that the WA SVF holder (Xfers) can hold. Where previously there was a limit of $30 million, Xfers Wallet can now store more than $30 million in cash (as we are a Cash Wallet).
2. The application to be a WA SVF holder entails an extensive MAS approval process (unlike an SVF, which just requires registration with MAS).
3. The approval is conditional upon securing a partnership with an MAS-approved bank, in order to safeguard your money stored with the Xfers Wallet.
What the WA SVF approval means to Consumers and Businesses who use the Xfers Wallet
1. Whenever you use your Xfers Wallet for any transaction, the money in your Xfers Wallet is protected against our insolvency because an MAS-approved bank has undertaken to be fully liable for your stored value.
For example, if you have $100 stored in your Xfers Wallet and in the unlikely event that Xfers becomes insolvent, you can look to our MAS-approved bank to recover the full amount.
2. With our direct and deeper integration with an MAS-approved bank, you will have ready access to your funds and transaction information at any time.
There will be minimal to no service disruptions and long wait times for deposits or withdrawals when transaction volumes spike. This integration also includes continuous surveillance by the bank for audit and security purposes, thus ensuring that your monies are safe.
The entire process of securing the WA SVF entailed seeking an MAS-approved banking partner, proving that our technical systems and processes are rigorous enough, and ensuring that we have the proper safeguards in place for our users and businesses. This shows the extent we will go to, to ensure that you, our users and businesses are safeguarded with added protection by an approved bank.
We are more than enthusiastic about the benefits and opportunities that being an WA SVF will bring to our users and businesses. Please let us know if we can help you or your business in any way, with this latest Xfers Wallet capability. Reach out to us at sales@xfers.com.
For a peek into how we found our calling for fintech and the latest in regtech, you may enjoy this article — https://medium.com/@NUSEnterprise/xfers-the-journey-to-becoming-the-first-start-up-holder-of-a-widely-accepted-stored-value-facility-e65622907135
Do watch out for more exciting news which we will be sharing with you really soon. Thank you.
Tianwei Liu
Chief Executive Officer
Xfers, a Fintech platform for digital businesses founded in 2015, with offices in Singapore and Indonesia, offers flexible payment products and solutions for personal and business needs. The award-winning start-up has secured and processed more than USD 600 million worth of bank transfers and credit card payments for over 250,000 users on its payment platform. Xfers is an approved holder of the Widely Accepted Stored Value Facility (WA SVF) in Singapore.
