Singapore’s central bank says Wirecard assessing ability to continue offering local services

A logo of Wirecard is seen on a booth at the computer games fair Gamescom in Cologne, Germany, August 22, 2018. REUTERS/Wolfgang Rattay/Files

Singapore’s central bank said on Tuesday that German payment company Wirecard‘s local entities had informed it that they are assessing their ability to continue providing services in the city-state after their parent firm filed for insolvency.

“Credit card payments at merchants using Wirecard‘s services, as well as usage of pre-paid cards issued by Wirecard, will be affected if it ceases operations here,” the Monetary Authority of Singapore (MAS) said in a statement.

There was no immediate response from Wirecard to a Reuters query sent outside business hours.

Last week, Wirecard filed for insolvency owing creditors almost $4 billion after disclosing a $2.1 billion hole in its accounts that its auditor EY said was the result of a sophisticated global fraud.

Singapore is home to Wirecard‘s Asia-Pacific headquarters, where its main business is to process payments for merchants and assist companies in issuing pre-paid cards.

MAS said late on Monday that it was working with the local police’s white-collar crime unit and the accounting regulator to scrutinise Wirecard‘s local entities.

Singapore’s Commercial Affairs Department began criminal investigations into Wirecard‘s Singapore operations in February 2019 and MAS said the investigations “are extensive and ongoing.”

On Tuesday, the MAS said Wirecard‘s entities had complied with its directions to hold customer funds in segregated accounts with banks in Singapore.

“MAS is closely monitoring the operations of Wirecard,” the central bank said.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.