Wirecard 'assessing' if it can continue providing Singapore services

Singapore

WIRECARD has told Singapore regulators it is "assessing" if it can continue providing services in the Republic - days after the parent of the German fintech collapsed into insolvency after admitting that 1.9 billion euros (S$2.98 billion) in cash on its balance sheet is likely non-existent.

The Monetary Authority of Singapore (MAS) also said on Tuesday that Wirecard's entities in Singapore have complied with its directions to hold customers' funds in segregated accounts with banks in the Republic.

But MAS said it is "closely monitoring the operations of Wirecard".

Wirecard processes payments for merchants, and issues prepaid company cards.

"Wirecard has informed 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," MAS said in a statement. "Credit card payments at merchants using Wirecard's services, as well as usage of pre-paid cards issued by Wirecard, …