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.
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