SINGAPORE (Reuters) - 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 WDIG.DE 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.
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Reporting by Anshuman Daga; Editing by Muralikumar Anantharaman
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