Wirecard Dismantles Asia Empire

Following a spectacular collapse, Wirecard is disposing of its assets in the region, leaving only its business in India. The insolvent German firm has agreed to sell its legal entities in the Philippines, Malaysia, Hong Kong, and Thailand as well as the company’s regional data warehouse in Singapore to Nomu Pay.

The deal includes Wirecard’s clients, licenses and more than 120 staff. The acquisition will help the payments firm, backed by Amsterdam-based venture capital company Finch Capital build an e-commerce and payments company in Asia, the report said.

The report did not specify the size of the deal but noted it was below the €200 million Wirecard paid Citi in 2017 to acquire its merchant clients in 11 Asia-Pacific countries.

Wirecard sold its unit in Indonesia to a local technology holding company in a deal that included 360 staff and operations in Malaysia too. The company has already divested operations in the Americas, U.K., and continental Europe.

Wirecard was at the center of one of the region’s biggest corporate accounting scandals in recent years, having admitted that €1.9 billion ($2.25 billion) is missing from its financial accounts. The collapsed German fintech’s sacked operating chief went to the extreme – and adventurous – lengths to bamboozle auditors, according to a German report.

In October 2020, the Monetary Authority of Singapore (MAS) ordered Wirecard Singapore to cease payment services in the country and to return all customers’ funds.