Wirecard AG

A potential bid is still at an exploratory stage, as there’s no information available yet on the valuation and finances of Wirecard’s Asian operations, said the people, who asked not to be identified as the information is confidential.

On June 18, Markus Braun, the CEO of beleaguered German FinTech firm Wirecard, walked into the criminal prosecutor’s office in Munich and surrendered himself.

Credit card payments at local merchants using Wirecard’s services, as well as usage of prepaid cards issued by the German firm will be affected if it ceases operations, the Monetary Authority of Singapore said Tuesday.

Wirecard AG’s North American unit is seeking to be acquired, saying its business is continuing without interruptions from the scandal enveloping its German parent.

Wirecard appears in lots of place in Singapore which is being encouraged to go cashless.

Singapore ride-hailing company Grab Holdings Inc. is among the businesses distancing themselves from Wirecard AG.

Braun disposed of 5.5 million shares on Thursday and Friday, according to regulatory filings, confirming an earlier Bloomberg News report. That leaves him with a 3% stake valued at roughly US$60 million.

Wirecard AG’s former chief executive officer was detained by Munich prosecutors as the scandal over 1.9 billion euros (S$2.99 billion) that went missing prompted probes into suspected market manipulation and false accounting.

Singapore has told Wirecard AG to ensure it keeps customer funds from its payments processing business in the city-state in local banks, the financial regulator said.

(Feb 4): Wirecard AG said neither the company nor a law firm it hired found conclusive evidence of criminal misconduct, helping it recover some of the 7 billion euros ($10.8 billion) in market value lost last week amid allegations of fraud.