Questions and answers

How does a Wirecard affect Singapore?

How does a Wirecard affect Singapore?

Wirecard has been instructed to stop offering its payment services and return all customers’ funds in Singapore. The service cessation would affect credit card payments at local merchants that used Wirecard’s services and the use of pre-paid cards issued by Wirecard.

What did Wirecard actually do?

Wirecard is an international supplier of electronic payment and risk management services. Wirecard offers products and services in the areas of mobile payments, e-commerce, digitisation and finance technology.

Is Wirecard still operating in Singapore?

Singapore, 30 September 2020… The Monetary Authority of Singapore (MAS) announced today that it has directed Wirecard entities in Singapore (Wirecard SG) to cease their payment services in Singapore and to return all customers’ funds by 14 October 2020.

What happened to Wirecard?

On 25 June 2020, Wirecard filed for insolvency after revelations that €1.9 billion was “missing”, and the termination and arrest of its CEO Markus Braun.

Can we still use Wirecard?

The Monetary Authority of Singapore (MAS) on Wednesday directed Wirecard to cease its payment services, and have all related entities return all customers’ funds by Oct 14. …

Who use Wirecard in Singapore?

Wirecard’s clients in Singapore include taxi giant ComfortDelGro, which in 2008 outsourced the development of the cashless payment system for its taxis to the German firm. “We are aware of the directive by the MAS with regards to Wirecard services.

Is Wirecard going to survive?

One such is Wirecard, the insolvent German former card processing company. Varied speculators seem to keep having a go at it. Don’t follow them. There really is no value here, it was a vast fraud and there will be no recovery for the shareholders….About WRCDF.

Symbol Last Price % Chg
WRCDF 0.27 9.60%

Who uses Wirecard?

Our data for Wirecard usage goes back as far as 4 years and 10 months….Who uses Wirecard?

Company PLUG & PLAY, LLC
Company Astound Commerce Corporation
Country United States
Revenue 100M-200M

Is wirecard shut down?

Singapore’s central bank ordered Wirecard AG to shut its local payment network and return customer funds, the latest step in the dismantling of the former fintech star that was sunk by an alleged multibillion-dollar fraud. Wirecard has until Oct 14 to return customer funds.

Is Citibank Singapore closing down?

SINGAPORE – Citibank Singapore is closing its CitiBusiness arm, which serves small and medium-sized enterprises (SMEs).

Is Wirecard still in business?

Wirecard AG’s bankruptcy administrator has sold the failed German fintech’s U.S. operations to a company backed by buyout specialist Centerbridge Partners LP, as it continues to dismantle the remains of the business and earn some cash for creditors.

How did Wirecard get caught?

German fintech group Wirecard AG has filed for insolvency days after its CEO Markus Braun resigned and was arrested in relation to alleged market manipulation and false accounting. It also said the company was evaluating whether insolvency applications have to be filed for its subsidiaries.

Who is the chief executive of Wirecard Asia?

In its report, KPMG also pointed out that Ocap’s chief executive Carlos-Dieter Häuser was a senior manager at Wirecard until 2018. His wife, Brigitte Häuser-Axtner. was a director at Wirecard Asia Holding, the subsidiary making the loans to Ocap.

Is it true that Wirecard is not regulated in Singapore?

A probe into the group’s Singapore operations would be led by the city state’s police, given that Wirecard is not regulated by the Monetary Authority of Singapore, the country’s de facto central bank. Under current regulation, Wirecard requires no licence to operate in the jurisdiction. Shares in Wirecard fell 15.8 per cent to €93.24.

What was the police raid on Wirecard in Singapore?

“The Singapore police has raided the premises of Wirecard in Singapore today,” a police spokesperson told the Financial Times on Friday. About 10 officers in the police’s commercial affairs department swooped on Wirecard’s Singapore offices at 10.30am, according to one person familiar with the situation.

Where did new Wirecard loans go in 2020?

The bulk of the new loans extended in early 2020 went to Ocap — a Singapore-based company run by a former Wirecard executive whose wife at the time still worked in a senior position at the company.