The Monetary Authority of Singapore (MAS) has directed Wirecard entities in Singapore to cease their payment services on September 30.

The financial services provider has also been requested to return all funds to its customers by October 14.

The cessation comes as Wirecard has informed MAS that it is unable to continue providing payment processing services to a “significant number” of merchants. By requesting Wirecard SG to cease its payments services and return its customers’ funds, MAS says it provides “the greatest certainty” to customers on their appropriate course of action.

“MAS has been monitoring the impact of Wirecard AG’s insolvency on the ability of Wirecard SG to continue providing payment services in Singapore,” says MAS in a statement.

“MAS has 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,” it adds.

Following the cessation, merchants using credit card payments under Wirecard SG’s services, as well as the 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.