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

What is happening is not specifically related to the fintech industry as it was more of a failure on the auditors' part to request important account information

TSMP's Ms Yuen-Thio notes that the new Payment Services Act is a much needed restructuring of the current framework.


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...

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