Singapore’s Wirecard Subsidiary to Stop All Payment Services

Singapore’s Wirecard Subsidiary to Stop All Payment Services

This Wednesday, the Monetary Authorities in Singapore (MAS) decreed that all Wirecard entities present in the city-state are to seize all payment services. The local subsidiary of the insolvent corporation, Wirecard SG, has been asked to return all funds back to their original depositors.

The order came after the huge scandal around the missing €1.9 billion from Wirecard’s books.

Many other news outlets stress that Wirecard SG, and its branching entities, are in fact not regulated by MAS. However, the Monetary Authorities in Singapore still kept things close, 

MAS has closely engaged Wirecard SG in recent months to safeguard the interest of Wirecard SG’s customers.”

Furthermore, as a move to insure Wirecard’s many victimised users, MAS has pointed to the fact that Wirecard SG has kept clients’ funds within local banks. As well, the regulator will be assisting said users in their shift to different payment service providers.

The regulator also pointed out that, amidst the countless South Asian clients that have abandoned the company, there are still many of those using Wirecard SG’s processing services for making payments.

We will see if all the money will be returned. As for Wirecard SG, word on the street is that many of its subsidiaries are seeking buyouts.

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