Franchising opportunities in Singapore ? how to enter the market ?

[a.mironova]

Hello everybody,

Sorry if I duplicate this item but I didn't find it in other posts. My name is Angelina and the company I work for is planning to enter the franchising/business market of Singapore with prepaid cards. I believe that at this website I can find a lot of experts who can give me answers for some of the questions. We are completely new to this market, so any advice will be highly appreciated. What are the main requirements and what are the main steps to start with? What are the timeframes of the main procedures? Which online platform is it better to start with? How do you think will it be interesting for people in Singapore such a financial solution as the prepaid cards? You'll make my day if you give some contacts, links etc.


Kind Regards,
Angelina

[sundaymorningstaple]

You will not get very far here as you have absolutely no concept or research into this country. Singapore has had cash card for 20 or 30 years.

https://www.nets.com.sg/

[x9200]

For one year plus there is an increase in the number of spammers posting here from this country, but also some enquiries like this one. Would be interesting to know if this is what it seems/being claimed or something else and if there is a correlation with some well known events.

[PNGMK]

All I know is I no longer answer phone calls with Latvian country codes...

[a.mironova]

For one year plus there is an increase in the number of spammers posting here from this country, but also some enquiries like this one. Would be interesting to know if this is what it seems/being claimed or something else and if there is a correlation with some well known events.

Thank you for your reply. May I know why do you consider my post to be a spam? I really need to get the information I've mentioned above and if I've made some mistakes in the text of my post I would be grateful if you help me to improve it.

Best Regards,
Angelina

[a.mironova]

All I know is I no longer answer phone calls with Latvian country codes...

Hi PNGMK,

Thank you for your reply.What did you mean ? Is it the answer for my post (there is nothing written about Latvia - just curious why such a reply )?

Best Regards,
Angelina

[Strong Eagle]

Hello everybody,

Sorry if I duplicate this item but I didn't find it in other posts. My name is Angelina and the company I work for is planning to enter the franchising/business market of Singapore with prepaid cards. I believe that at this website I can find a lot of experts who can give me answers for some of the questions. We are completely new to this market, so any advice will be highly appreciated. What are the main requirements and what are the main steps to start with? What are the timeframes of the main procedures? Which online platform is it better to start with? How do you think will it be interesting for people in Singapore such a financial solution as the prepaid cards? You'll make my day if you give some contacts, links etc.


Kind Regards,
Angelina

Angelina, your post is "spammy" because... You want to enter the "franchising/business market" in Singapore. In Singapore this is almost always a red flag, because it is either a multi-level marketing scam, or fees have to be paid up front to "participate". Either way, the local yokels are a sucker for a deal too good to be true.

Moderators on this board look closely at all "business opportunities" that get posted on this board. We delete most of them... we left yours... so far... but it still doesn't pass the smell test. You need to provide more information.

Your post is "spammy" because... Prepaid cards is another major scam for many. What kind of prepaid cards? Where will the cards be used? How are remittances handled? More than one person has purchased a "cheap" prepaid card only to find out it's worth nothing.

Your post is "spammy" because... it you all are actually business people as you allege, then you are stunningly ignorant. Have you thought about the company you are going to set up in Singapore? What are you talking about... online platform? I could go on but suffice to say it sounds like you have absolutely no idea of what you are trying to do or how to go about doing it.

So... clear some of this up and change my mind.

[a.mironova]

Thank you for your point of view and that you've spent time to explain everything. I will answer your questions regarding our cards and company to your inbox not to be deleted for advertisement.

[x9200]

Thank you for your point of view and that you've spent time to explain everything. I will answer your questions regarding our cards and company to your inbox not to be deleted for advertisement.

You can answer them here so others can also benefit from it. As long as you don't mention any specific company / product you are going to be fine.

Moderator

[a.mironova]

That is what I did in my email. I gave the name of the company - link to our website and registration info at uk.gov website. I also described main projects we have and whom we consider to be our potential clients.

[Strong Eagle]

OK - I got your PM and I'm going to post it... including the name of the bank. What you are trying to set up is essentially a prepaid debit card... rather that having a bank account associated with a debit card, people top up a prepaid that works like a debit card.

I understand that it is part of job or responsibility at this forum to delete or clarify all the suspicious posts and I'm really grateful that you didn't delete mine. All I was trying to do is to ask for an advice regarding main steps in financial market and regarding the prepaid cards in Singapore and didn't want to advertise it or something like that. I work for a company B4U Card Solutions Ltd. https://bank-4-you.com/stud that is officially registered in London.

We have two main projects - student prepaid cards and taxfree cards for young people who travel a lot but most of all they are beneficial for those who will go to study or for shopping in Europe. Our potential client is an educational or travel agency (consultancy) who send their students to European universities.

Main benefits and numbers of the card options are available at our website https://bank-4-you.com/page?id=2 At the moment we are looking for franchising opportunities in different countries and one of them is Singapore. As I wrote in my post - we've never worked in Singapore and that is why some of my questions might look naive and that is the main reason for me to visit this forum. Stage we are at the moment is an investigation of the market and all I am looking for is more information on a basic procedures and opinions of experts who have huge experience in this field.

After some replies I see that the item of prepaid cards is considered to be connected with scammers and fraud. Am I right ? I believe that there are reasons for it and I hope you will not consider us to be that kind of company.

[x9200]

Looks like potentially useful product but I am not sure if there is a market for it in Singapore. Many banks offer debit cards with the accounts available also for students and other low income groups. Any card fees are typically weaved (including on request). The only benefit I could see is the hard debit limit not linked to the account, so if somebody is paranoid it's a safer option to use for online shopping. * Other than this? Small savings on the account fees (but it seems you charge commission fees for topping up the card and many other activities **) and a flexible gift card?

your competitor: http://www.fevocard.com.sg/ (never even heard of them)
regulatory body: http://www.mas.gov.sg/singapore-financi ... ities.aspx

*) regardless, MAS set its own limit for customers responsibility not to exceed S$100.
**) https://bank-4-you.com/page?id=1 very inattractive schedule for a prepaid facility

[ecureilx]

your competitor: http://www.fevocard.com.sg/ (never even heard of them)

Fevo is by EZ Link, and it's very popular among gamers and such crowd who are careful giving out CC details online.

And Fevo has MC and Amex.

Other banks like DBS did occasional special edition pre paid cards, like for Youth Olympics, just valid for 2 years.

Any for nearby countries, MY has a few pre paid cards, and PH too has a few pre paid cards + mobile payment options. And Dragon pay and 88pay offering payment offline for online purchases, including hotel booking and flight tickets. And PAL allows folks to book online and pay at any Petron station or 711.

And likewise don't forget SGs AXS offering payment for some airlines and for Qoo10 online shop.

But that doesn't mean there's no room for a new player. but with a right partner, things may look up.

[x9200]

I don't really think anything requiring 1.5 to 3 Euro fees for a top-up is going to fly in SG.

[ecureilx]

I don't really think anything requiring 1.5 to 3 Euro fees for a top-up is going to fly in SG.

Fevo charges 50 cents per top up, and free if topped up using other CC I think.

Plus there's no charge for local use and only if used overseas there's a 2% currency conversion.

And no monthly fee unless inactive for 5 months or so.

Plus local help desk/support.

And EZ Link is now usable in more and more establishments, apart from near 100% acceptance of NETS.

Tough competition it will be.