MAS Directs Wirecard to Cease Payment Services in Singaporeby Fintech News Singapore October 1, 2020
The Monetary Authority of Singapore (MAS) announced today that it has directed Wirecard entities in Singapore (Wirecard SG) to cease their payment services in Singapore and to return all customers’ funds by 14 October 2020.
MAS said that it has been monitoring the impact of Wirecard AG’s insolvency on the ability of Wirecard SG to continue providing payment services in Singapore. They added that they have closely engaged Wirecard SG in recent months to safeguard the interest of Wirecard SG’s customers. This includes requiring Wirecard SG 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. 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. This provides the greatest certainty to customers on their appropriate course of action, including seeking alternative service providers.
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.