The Monetary Authority of Singapore (MAS) has just announced that it has directed Wirecard entities in Singapore (Wirecard SG) to cease their payment services in Singapore. The company needs to return all customers’ funds by 14 October this year.
MAS has been closely monitoring the impact of Wirecard AG’s insolvency on the ability of Wirecard SG to continue providing payment services in Singapore, including the requirement to keep customers’ funds in banks in Singapore and to assist customers to switch to alternative service providers.
Wirecard SG has informed MAS that it is unable to continue providing payment processing services to a significant number of merchants, therefore the Singaporean watch dog has assessed that it is better for Wirecard SG to cease its payments services and promptly return all customers’ funds.
With the cessation of Wirecard SG’s payments services in Singapore, credit card payments at merchants using Wirecard SG’s services, as well as usage of pre-paid cards issued by Wirecard SG, will be affected.
Other forms of e-payments such as NETS, PayNow and SGQR continue to be available. Customers who have not yet made alternative arrangements are encouraged to do so promptly.
LeapRate reminds that the Director of Citadelle Corporate Services, R. Shanmugaratnam was charged in Singapore for making false statements about Wirecard just a few months ago. He wrote letters that claimed the company held money in an escrow account when in fact it did not.
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