Which country is best for launching a small e-wallet business?

The United Kingdom is a great option, here is what it will cost you to get an E-money license in UK, great for start-ups. Takes 6-8 months to get it, no capital requirements, you cannot passport to other EU countries, but once your business picks up, you can. (Courtesy neopay presentation).


Singapore is another great option. If you adhere to the following flow:


Then, you would be surprised to know:

In Singapore, the MAS (Monetary Authority of Singapore) has given an exemption to SVF (Stored Value Facility) from the Payment Systems (Oversight) Act when the stored value outstanding are under a certain threshold. Currently that bar is set at $30 Million. MAS approval is required for the operator when the SVF exceeds the $30 Million mark, and hence changing its status from SVF to WA-SVF (Widely Accepted Stored Value Facility).

If you're under the limit, you are not required to get approval.

Source:

• How come PayPal is considered a stored-value facility (SVF) in Singapore yet it doesn't require the approval of the Monetary Authority of Singapore?
• Stored Value Facilities
  
• Page on mas.gov.sg (Guideline, PDF)