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,"...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!