The founding partners of the company identified a significant market potential in 1995.

Stoval were the 1st in Asia awarded by Philips Semiconductor to produce MIFARE Contactless Smart Cards.

Recognizing the niche for the market of complementary hardware for the Contactless Smart cards; Stoval received grant from National Science and Technology Board (NSTB) in 1997 to form a R&D team to develop and to manufacture Contactless readers.

In recognition of its technological capabilities, Stoval awarded the Enterprise 50 (technology) award for 2 years running, 2000 and 2001.