Singapore's Grab puts partnership with troubled Wirecard on hold
Wednesday, 24 Jun 2020 03:25 PM MYT
SINGAPORE, June 24 — 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$2.1 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 yesterday 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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