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Singapore shuts down Wirecard operations

Singapore shuts down Wirecard operations

Singapore's central bank has ordered Wirecard to cease all business and return all customer funds within the next two weeks.

The action by the Monetary Authority of Singapore (MAS) is the latest in a succession of blows to the remnants of the giant German processor, which filed for insolvency following the discovery of a $1.9 billion black hole in its accounts.

MAS says that Wirecard has admitted that it is unable to continue providing payment processing services to a significant number of merchants.

"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," states the central bank.

In the wake of the parent company's collapse, MAS moved to safeguard customer funds, instructing Wirecard to deposit cash in banks in Singapore, and to assist customers to switch to alternative providers.

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