Singapore Wirecard merchants scramble to jump ship

Singapore

SINGAPORE merchants that use Wirecard to process payments are quickly switching to the beleaguered fintech's competitors, spooked by the downfall of the Wirecard parent that has collapsed into insolvency.

Wirecard's market share here is likely sizeable, though the exact breakdown is not available. Its portfolio was bought from Citigroup a few years ago, with Citi then a major player alongside the three local banks in processing payments for merchants.