34. Application for approval

Terms defined in s 2

• approved bank

  approved bank

  Defined · s 2

  “approved bank” means a bank in Singapore that is approved by the Authority under section 35(1) as an approved bank in respect of a stored value facility;

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• approved holder

  approved holder

  Defined · s 2

  “approved holder” means a holder that is approved by the Authority under section 35(1) as an approved holder in respect of a stored value facility;

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• Authority

  Authority

  Defined · s 2

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

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• bank in Singapore

  bank in Singapore

  Defined · s 2

  “bank in Singapore” has the same meaning as in section 2(1) of the Banking Act;

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• holder

  holder

  Defined · s 2

  “holder”, in relation to a stored value facility, means the person who holds the stored value and makes payment for goods or services referred to in the definition of “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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