When is a financial institution not a financial institution? When it's Wirecard

IT WOULD have been the quintessential business success story. Founded in Munich in 1999, this small payment processor for online gambling and pornography sites grew so massive that, by 2018, it had displaced Commerzbank from Germany's prestigious Dax 30 index.

At its peak, the juggernaut was valued at more than 24 billion euros (S$38.6 billion). It issues credit and debit cards, supplies contactless payment tech, and processes payments for a purported 250,000 merchants worldwide, including almost 100 airlines.

Instead, Wirecard practically wrote the script for a blockbuster crime film. Signs of malfeasance began early on. Six-year-old Wirecard joined the Frankfurt stock exchange through a reverse takeover, avoiding the scrutiny of an initial public offering. Three years later, it fought off what would become the first in a series of balance sheet irregularity claims. Over the years, various authorities, including German regulator Federal Financial Supervisory Authority (BaFin) would side with Wirecard, charging accusers with market manipulation.