Grab puts partnership with troubled Wirecard on hold in Singapore

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.