MAS orders Wirecard to stop payment services in Singapore

All customer funds shall be returned by 14 October.

The Monetary Authority of Singapore (MAS) has ordered Wirecard entities to stop their payment services in the country and return all customers’ funds by 14 October.

Wirecard Singapore has informed the regulator that it could no longer continue providing payment processing services to a significant number of merchants.

With this turn of events, credit card payments at merchants using the embattled firm’s services as well as Wirecard-issued prepaid cards 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.