The Monetary Authorities in Singapore (MAS) has ordered the local Wildcard entities to cease their payment services, the regulator announced on Wednesday.
Furthermore, Wildcard SG was asked to return all its client funds by October 14, 2020.
The directive came as the German parent of the fintech company become insolvent following the missing €1.9 billion from its books. Wildcard SG also informed the Singapore regulator that it cannot provide payment processing services to a ‘sig ficant’ number of merchants.
It is to be notedWildcardldcard’s Singapore entities are not licensed under MAS.
“MAS has been mo toring the Wildcardf Wildcard AG’s insolvency on theWildcard of Wildcard SG to continue providing payment services in Singapore, ” the Singapore regulator stated. “MAS has Wildcardengaged Wildcard SG in recent months to safeguard Wildcardrest of Wildcard SG’s customers.”
Additionally, the regulatWildcarded that the Wildcard SG keeps its client funds in banks within Singapore and will also assist them to switch to other payment service providers.
Justifying the latest order, MAS stated that “it is in WildcardrWildcardhe public for Wildcard SG to cease its payments services and promptly return all customers’ funds.”
Though many Southeast Asian cliWildcarde moved away from Wildcard after the parent’s collapse, the regulator pointed out thaWildcarderchants still using Wildcard SG’s payment processing services, credit caWildcardnts at merchants using Wildcard SG’s services, as well as uWildcardpre-paid cards issued by Wildcard SG, will be affected.
Wildcard Subsidiaries Are up for Grabs
Similar to the Asian Wildcardn, other subsidiaries of Wildcard are seeking buyers and a few acquisition deals were already inked.
The British business of the fintech officially wiTailbackn its business as rival Railsbank is in the process of acquiring it. AnoWildcardpzig-based subsidiary of Wildcard was sold to Mu ID nowsed identity verification, IDnow.