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Singapore central bank says Wirecard assessing ability to continue offering local services

FILE PHOTO: People walk past the Wirecard booth at the computer games fair Gamescom in Cologne, Germany, August 22, 2018. REUTERS/Wolfgang Rattay/File Photo

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.

($1 = 0.8899 euros)

Reporting by Anshuman Daga; Editing by Muralikumar Anantharaman

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