33. Holding of stored value exceeding prescribed limit

Terms defined in s 2

• Authority

  Authority

  Defined · s 2

  “Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act;

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• stored value

  stored value

  Defined · s 2

  “stored value”, in relation to a stored value facility, means the sum of money that —(a)has been paid in advance for goods or services intended to be purchased through the use of the stored value facility;(b)is available for use from time to time for making payment under the terms and conditions applying to the stored value facility; and(c)is held by the holder of the stored value facility;

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• stored value facility

  stored value facility

  Defined · s 2

  “stored value facility” means —(a)a facility (other than cash), whether in physical or electronic form, which is purchased or otherwise acquired by a person (referred to in this Act as the user) to be used as a means of making payment for goods or services up to the amount of the stored value that is available for use under the terms and conditions applying to the facility, and payment for the goods or services is made by the holder of the stored value in respect of the facility (rather than by the user); or(b)all the facilities referred to in paragraph (a) provided under the same terms and conditions;

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