Wirecard scandal puts audit firms, not fintechs, in hot seat

Singapore

THE fraud probes into scandal-hit Wirecard are more likely to put question marks on the strength of the traditional field of auditing, than outrightly tarring the reputation of fintechs, said observers.

That being said, they pointed out that fintechs in Singapore may come under tougher scrutiny as the collapse of Wirecard, a fintech that shot so quickly to scale, has shown how it can cause enough disruption to threaten stability.