Wirecard was to process GrabPay transactions, starting with markets in Malaysia, Philippines and Singapore. FMTNews Grab Wirecard
SINGAPORE: Southeast 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$2.1 billion financial hole that threatens its future.
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. Responding to a query, the Monetary Authority of Singapore said on Tuesday that it had asked Wirecard to ensure that it keeps customer funds from its local activities in the country’s banks.
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