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Singapore orders Wirecard to shut down local services
- Thursday | 1st October, 2020
SINGAPORE (Reuters) – Singapore’s central bank on Wednesday directed embattled German payments firm Wirecard to cease providing services in the city state and return all customers’ funds. Singapore police are among a number of global authorities investigating Germany’s biggest post-war corporate fraud. “Wirecard SG has informed MAS that it is unable to continue providing payment processing services to a significant number of merchants,” the Monetary Authority of Singapore (MAS) said in a statement. “MAS has assessed that it is in the interest of the public for Wirecard SG to cease its payments services and promptly return all customers’ funds.”The MAS added that the actions must be taken by Oct. 14. “This provides the greatest certainty to customers on their appropriate course of action, including seeking alternative service providers,” the MAS statement said.
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