Wirecard halts payment services in Singapore, leaving businesses in the lurch

Wirecard's main business activities here involve processing Visa and Mastercard payments for merchants and helping companies issue pre-paid cards.
Wirecard's main business activities here involve processing Visa and Mastercard payments for merchants and helping companies issue pre-paid cards.ST PHOTO: KHALID BABA

SINGAPORE - Troubled financial services provider Wirecard has pulled the plug on its services on Thursday (Oct 1), leaving local businesses scrambling to switch payment providers.

The Monetary Authority of Singapore (MAS) had earlier directed the German payments firm to stop its payment services and return all customers' funds by Oct 14.

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