Grab puts partnership with Wirecard on hold: report

This is days after the troubled firm disclosed a $2.92b financial hole.

Southeast Asian ride-hailing and payments company Grab had put a partnership with German payments firm Wirecard on hold, days after the latter disclosed a $2.92b (US$2.1b) financial hole, according to a report from Reuters.

“We have not begun business integration work on the Wirecard partnership and we are pausing the partnership till further notice,” a spokeswoman from Grab said.

The two companies had struck a payments agreement in March under which Wirecard was to process transactions made via the GrabPay e-wallet, starting with markets in Malaysia, Philippines and Singapore.

Wirecard had not begun processing payments or signing up merchants on behalf of Grab, whose e-wallet is accepted by more than 600,000 merchants and small businesses in the region.

This week, Wirecard’s former boss was arrested on suspicion of falsifying its accounts, after the payments firm disclosed the financial hole and questioned whether trustees had actually held money on its behalf.

Here’s more from Reuters.

Also Read

SingPost brings service closer to commuters

Industrial landlords offer flexibility amidst softer demand

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit