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.
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