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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

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.

"The Wirecard scandal is more likely to hurt the reputation...

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