Such magnetic stored-value cards were introduced to Singapore in 1987 as part of a new mass rapid transit system. In 1990, they extended for use in the public bus system too. While originally standardised in design, they soon featured advertising on one side of the card.
This one advertised a new travel payment service launched in 1994 known as the GIRO Farecard. Instead of having to regularly top-up such cards with cash, they were linked to a bank account that would automatically be debited for each trip.