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SINGAPORE: The Monetary Authority of Singapore (MAS) has ordered the German payments company Wirecard to stop its payment services in Singapore and return the funds of all customers by October 14.
In a press release on Wednesday (September 30), MAS said the move was “in the public interest” and “provides the greatest certainty to customers.”
READ: Singapore accuses Citadelle director of falsifying Wirecard-related letters
Wirecard’s main business activities in Singapore are processing payments for merchants and helping businesses issue prepaid cards.
MAS said it has been monitoring the impact of Wirecard’s insolvent German business on its ability to continue providing payment services in Singapore.
The authority said it has “closely engaged Wirecard SG in recent months to safeguard the interest of Wirecard SG clients,” including an obligation for Wirecard SG to hold clients’ funds in local banks and help them switch providers. alternative services.
“Wirecard SG has informed MAS that it cannot continue to provide payment processing services to a significant number of merchants,” MAS said.
READ: The rise and fall of Wirecard
READ: The man who led Wirecard into insolvency
With the termination of Wirecard SG services, credit card payments in merchants using Wirecard SG services, as well as the use of prepaid cards issued by Wirecard SG, will be affected.
Other forms of electronic payments such as NETS, PayNow and the Singapore Quick Response Code (SGQR) will continue to be available.
Clients who have not yet made alternate arrangements should do so immediately, MAS advised.
Munich-based Wirecard collapsed in June after its auditor, EY, refused to approve its 2019 accounts because it could not verify € 1.9 billion ($ 2.2 billion) allegedly held abroad in custody by outside partners. .
