Singapore c.bank says Wirecard assessing ability to continue offering local services

Singapore's central bank said on Tuesday that German payment firm Wirecard's local entities had informed it that they are assessing their ability to continue providing services in the city-state after their parent firm filed for insolvency.

"Credit card payments at merchants using Wirecard's services, as well as usage of pre-paid cards issued by Wirecard, will be affected if it ceases operations here," the Monetary Authority of Singapore said in a statement, adding Wirecard's entities had complied with directions to hold customer funds in segregated accounts with banks in Singapore.

Last week, Wirecard filed for insolvency owing creditors almost $4 billion after disclosing a $2.1 billion hole in its accounts that its auditor EY said was the result of a sophisticated global fraud. ($1 = 0.8899 euros)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)