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The move marks the most dramatic regulatory intervention in the German payment group’s remaining operations since its collapse in June and may prove disruptive as many businesses in the city state use its services.
“MAS has been monitoring the impact of Wirecard AG’s insolvency on the ability of Wirecard SG to continue providing payment services in Singapore,” the MAS said in a statement. “Wirecard SG has informed MAS that it is unable to continue providing payment processing services to a significant number of merchants. 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”.
https://www.ft.com/content/35196b4b-9d9b-4fc9-ba75-024ade3314c7
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