Singapore tells Wirecard to cease services and return customer funds

Wirecard

Singapore’s central bank on Wednesday led embattled German obligations company Wirecard to cease providing services at the city state and reunite all clients’ funds.

Wirecard, which primarily processes payments for merchants and helps companies to issue pre-paid cards in Singapore, filed for insolvency in June after a 1.9 billion euro (approximately $2.3 billion) hole was discovered in its books.

Singapore police are among a number of global authorities investigating Germany’s biggest post-war corporate fraud.

“Wirecard SG has informed MAS that it is unable to continue providing payment processing services to a significant number of merchants”, the Monetary Authority of Singapore (MAS) said in a statement.

“MAS has assessed that it is in the interest of the public for Wirecard SG to cease its payments services and promptly return all customers’ funds”.

The MAS added that the activities have to be obtained from October the 14th.

Related Article:
Russian hackers got hold of Emails from Merkel's constituency office: Der Spiegel

MAS also said it had been working to protect the interests of Wirecard’s Singapore customers in recent months by requiring the enterprise to keep their funds in banks and help them to switch to other service providers.

The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our official content partners at Thomson Reuters. Reporting by John Geddie. Editing by Louise Heavens and David Goodman.

To stay on top of the latest developments across the platform economy and gain access to our problem-solving tools, databases and comprehensive content sets, you can become a member for just $7 per month.

 

Share This Post