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Wirecard to cease payment services in Singapore, return funds to customers

WIRECARD entities in Singapore (Wirecard SG) are to cease their payment services here and to return all customers' funds by Oct 14, the Monetary Authority of Singapore (MAS) announced on Wednesday.

Wirecard SG has informed MAS that it is unable to continue providing payment processing services to a significant number of merchants, said MAS in a statement.

Against this backdrop, 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.

"This provides the greatest certainty to customers on their appropriate course of action, including seeking alternative service providers," said MAS.

With the suspension of Wirecard SG's payments services in Singapore, credit card payments at merchants using Wirecard SG's services, as well as usage of pre-paid cards issued by Wirecard SG, will be affected. Customers are therefore encouraged to make alternative arrangements.

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Other forms of e-payments such as Nets, PayNow and SGQR continue to be available.

MAS said that it has been monitoring the impact of Wirecard AG's insolvency on the ability of Wirecard SG to continue providing payment services in Singapore.

It has also closely engaged Wirecard SG in recent months to safeguard the interest of Wirecard SG's customers. This includes requiring Wirecard SG to keep customers' funds in banks in Singapore and to assist customers to switch to alternative service providers.

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