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Wirecard complies with MAS directions to keep customer funds in banks in Singapore

wirecard, FinTech, payments, GermanyThe Monetary Authority of Singapore (MAS), the central bank of the country, apprised that Wirecard entities in Singapore (Wirecard) have complied with MAS’ directions to hold customers’ funds in segregated accounts with banks in Singapore. The central bank mentioned that it is closely monitoring the operations of the company.

The insolvent German payment processor and financial services provider has come under fire after it was announced that the company is missing €1.9 billion in cash, following which the CEO of Wirecard Markus Braun resigned as shares of the company collapsed.

Wirecard’s primary business activities in Singapore are to process payments for merchants and help companies issue pre-paid cards. The company has informed the MAS that it is assessing its ability to continue providing its services in Singapore in light of the filing for insolvency in Germany by its parent company Wirecard AG. Credit card payments at merchants using Wirecard’s services, as well as usage of pre-paid cards issued by the company, will be affected if it ceases operations in the country.

MAS has informed Wirecard of its expectations that the company should promptly notify customers in advance of any disruption to their services. There are alternative payment service providers available to merchants. Other forms of e-payments such as NETS, PayNow and SGQR continue to be available.

Wirecard entities in Singapore are not currently licensed by MAS. The Payment Services (Exemption for Specified Period) Regulations 2019, which were made under the Payment Services Act 2019 (PS Act), provides for a grace period ranging from 6 months to a year for entities providing certain regulated payment services to apply for the relevant licence. During this grace period, such entities may provide the regulated payment service without a licence and MAS may issue directions to such entities.

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