.GrabSG puts partnership with troubled wirecard on hold
South-east Asian ride-hailing and payments company Grab said it had put a partnership with scandal-hit Wirecard on hold, days after the German payments firm disclosed a US$2.10 billion financial hole that threatens its future.[SINGAPORE] South-east Asian ride-hailing and payments company Grab said it had put a partnership with scandal-hit Wirecard on hold, days after the German payments firm disclosed a US$2.10 billion financial hole that threatens its future.
"We have not begun business integration work on the Wirecard partnership and we are pausing the partnership till further notice," a spokesperson from Grab told Reuters on Wednesday in response to a query about the status of the partnership. The two companies had struck a payments agreement in March under which Wirecard was to process transactions made via the GrabPay e-wallet, starting with markets in Malaysia, Philippines and Singapore.
Wirecard had not begun processing payments or signing up merchants on behalf of Grab, South-east Asia's most valuable startup, whose e-wallet is accepted by more than 600,000 merchants and small businesses in the region.
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