Grab representatives disclosed that they have not begun business integration work on the Wirecard partnership and they are pausing the partnership till further notice. The two companies had struck a payments agreement in March 2020 under which Wirecard was to process transactions made via the GrabPay e-wallet, starting with markets in Malaysia, Philippines and Singapore.
Wirecard had not begun processing payments or signing up merchants on behalf of Grab, Southeast Asia's most valuable startup, whose e-wallet is accepted by more than 600,000 merchants and small businesses in the region.
Responding to a query, the Monetary Authority of Singapore said that it had asked Wirecard to ensure that it keeps customer funds from its local activities in the country's banks.
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