Furthermore, the organisation added that these entities have to return all customers' funds by October 14 2020. Wirecard, a Germany-based digital payments company, filed for bankruptcy in June 2020 after disclosing that EUR 1.9 billion of cash, supposed to be in bank accounts in the Philippines, did not exist.
Singapore is home to Wirecard’s Asia-Pacific headquarters at Pasir Panjang. In 2019, the police raided Wirecard’s office here after an employee alleged that a member of the company’s finance team engaged in accounting breaches. MAS noted that Wirecard SG told the authority that it was unable to continue providing payment processing services to a significant number of merchants.
The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.
The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.
Current themes
No part of this site can be reproduced without explicit permission of The Paypers (v2.7).
Privacy Policy / Cookie Statement
Copyright