MAS orders Wirecard to cease credit card and other payment services in Singapore

Singapore Straight Times | Sue-Ann Tan | Sep 30, 2020

german policy poster for wirecard Jan Marsalek - MAS orders Wirecard to cease credit card and other payment services in Singapore

SINGAPORE - The Monetary Authority of Singapore (MAS) has directed Wirecard entities here to cease their payment services in Singapore, it announced on Wednesday (Sept 30).

It added that these entities have to return all customers' funds by Oct 14.

"MAS has been monitoring the impact of Wirecard AG's insolvency on the ability of Wirecard SG to continue providing payment services in Singapore," it said.

"MAS has also closely engaged Wirecard SG in recent months to safeguard the interest of Wirecard SG's customers. This includes requiring Wirecard SG to keep customers' funds in banks in Singapore and to assist customers to switch to alternative service providers."

“MAS has assessed that it is in the interest of the public for Wirecard SG to cease its payments services and promptly return all customers’ funds,” it said. “This provides the greatest certainty to customers on their appropriate course of action, including seeking alternative service providers.”

Wirecard, a German digital payments company, filed for bankruptcy in June after disclosing that €1.9 billion (S$3 billion) of cash, supposed to be in bank accounts in the Philippines, did not exist.

See:  Whistleblower warned EY of Wirecard fraud four years before collapse

Singapore is home to Wirecard’s Asia-Pacific headquarters at Pasir Panjang.

Last year, 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.

Hence, MAS assessed that it was in the interest of the public for Wirecard SG to cease its payments services and promptly return all customers' funds.

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