Singapore Orders Wirecard To Stop Services, Return Funds

Law360, London (October 1, 2020, 2:50 PM BST) -- Singapore's central bank has ordered German payments firm Wirecard AG to stop all of its operations in the country and return money to customers by Oct. 14 in the wake of its high-profile meltdown earlier this year.

The Monetary Authority of Singapore said Wednesday that it has ordered Wirecard, which collapsed in June after it admitted to having a €1.9 billion ($2.23 billion) hole in its accounts, to cease providing any payment services in Singapore.

"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,"...

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