(July 3): On June 18, Markus Braun, the CEO of beleaguered German FinTech firm Wirecard, walked into the criminal prosecutor’s office in Munich and surrendered himself. The 50-year-old Braun, an Austrian, co-founded Wirecard in late 1999 at the height of the dotcom bubble. After several pivots and acquisitions, Wirecard morphed into a key cog in the global financial transactions technology supply chain. Yet, for some years now, the payment firm has been embroiled in a massive accounting scandal and the subject of a long-standing investigation by a team of Financial Times reporters. Last week, Wirecard’s carefully constructed house of cards came tumbling down as it filed for bankruptcy.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $4.99/month*

The latest reporting and analysis from business and investments to news and views on social issues.

Bonus:

  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply

SUBSCRIBE NOW