Wirecard wrap up its Singapore business
The Monetary Authority of Singapore (MAS) has directed Wirecard entities in Singapore (Wirecard SG) to cease their payment services in Singapore. The company has also been directed to return all customers’ funds by 14 October 2020.
In August this year, Wirecard Card Solutions Ltd, which is a wholly-owned subsidiary of Wirecard Acquiring & Issuing GmbH and part of the Wirecard AG group, had announced the wind-down of its FCA regulated business. It sold its UK operations to Railsbank.
Wirecard, which is a German-based entity, had filed for bankruptcy in June 2020 after it had disclosed that €1.9 billion of cash went missing through its books.
In a press release by MAS, it was noted that Wirecard SG told the authorities it was unable to continue its operations and provide payment processing services to its user base.
In an action by MAS, the organisation noted that “credit card payments at merchants using Wirecard SG’s services, as well as usage of pre-paid cards issued by Wirecard SG, will be affected”. While it also noted that other forms of payments such as NETS, PayNow and SGQR would continue to be available.
Wirecard entities in Singapore are currently not licensed by MAS.