Source: Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) said today that Wirecard entities in Singapore (“Wirecard”) have complied with MAS’ directions to hold customers’ funds in segregated accounts with banks in Singapore.
MAS is closely monitoring the operations of Wirecard.
Wirecard’s primary business activities in Singapore are to process payments for merchants and help companies issue pre-paid cards. Wirecard has informed MAS that it is assessing its ability to continue providing its services in Singapore in light of the filing for insolvency in Germany by its parent company Wirecard AG. Credit card payments at merchants using Wirecard’s services, as well as usage of pre-paid cards issued by Wirecard, will be affected if it ceases operations here.
MAS has informed Wirecard of our expectations that they promptly notify customers in advance of any disruption to their services. There are alternative payment service providers available to merchants. Other forms of e-payments such as NETS, PayNow and SGQR continue to be available.