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

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.

SINGAPORE: Singapore's central bank said on Tuesday that German payment company 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 (MAS) said in a statement.