Lingering questions as Wirecard ends payment services in Singapore

FOR many, the writing was on the wall. The Monetary Authority of Singapore (MAS) on Wednesday directed Wirecard to cease its payment services, and have all related entities return all customers' funds by Oct 14.

A scant press statement on Thursday morning from Wirecard said it "regret(s) MAS's decision", and that it would work "with MAS" to minimise disruption to payment services. "The cessation of regulated payment services will affect all card payments at merchants using Wirecard's payment platform, as well as the usage of pre-paid cards issued."

As The Business Times reported earlier, merchants using Wirecard services have since June been seeking out alternative payment providers. The massive accounting scandal tied to the German-based fintech would have undoubtedly caused anxiety among merchants relying on the Wirecard network. Wirecard collapsed into insolvency in June after admitting that 1.9 billion euros (S$3.04 billion) in cash was missing from its books.