WIRECARD FALLOUT ·
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Wirecard shutdown leaves some complacent merchants stranded

Wishful thinking, aversion to change, difficult IT systems also cited for firms like M1, Safra, Starbucks scrambling to find alternatives

Singapore

COMPLACENCY, resistance to change and wishful thinking were what led to some large businesses being left high and dry by Wirecard's cessation of its payments-processing services in Singapore last week, industry watchers say.

These merchants, including M1, Safra and Starbucks, are now scrambling to find alternative service providers, although warning bells had started sounding in June, when Wirecard collapsed into insolvency.

The Monetary Authority of Singapore (MAS) had on Oct 1 ordered Wirecard entities in Singapore to cease its payment services, after the German firm said it was unable to continue providing services to a "significant" number of merchants.

Thousands of merchants in Singapore...

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