Wednesday, 15 July 2020

Wirecard complies with MAS directions to keep customer funds in Singapore banks

The Monetary Authority of Singapore (MAS) said that Wirecard entities in Singapore have complied with MAS’ directions to hold customers’ funds in segregated accounts with banks. 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 prepaid 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 the usage of prepaid cards issued by Wirecard, will be affected if the financial services company ceases operations in Singapore.

MAS has informed Wirecard of its expectations, ensuring that the financial services company will promptly notify customers in advance of any disruption to their services.

There are alternative payment service providers available to merchants in Singapore. Other forms of e-payments such as NETS, PayNow and SGQR continue to be available. 

Re-disseminated by The Asian Banker

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