SG directs Wirecard to cease services, return customer funds

The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder

Singapore‘s central bank on Wednesday directed embattled German payments firm Wirecard to cease providing services in the city state and return all customers’  funds.

Wirecard, which primarily processes payments for merchants and helps companies to issue pre-paid cards in Singapore, filed for insolvency in June after a 1.9 billion euro ($2.3 billion) hole was discovered in its books.

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