Tagged: wirecard

March 4, 2024 @ 11:10 am By JD Alois  |  

A payments provider and once one of the most successful Fintechs in Germany, Wirecard collapsed into a pile of allegations of fraud and misconduct. Wirecard, at one time part of the DAX and valued in the billions of dollars, became a huge embarrassment for regulators… Read More

April 3, 2023 @ 9:15 am By JD Alois  |  

The spectacular collapse of Wirecard, once Germany’s largest Fintech, still reverberates within the country. While different pieces and parts have been sold off to various firms, the collateral damage continues, and new information continues to emerge. Today, EY – once the auditor of Wirecard, has… Read More

July 10, 2021 @ 8:01 pm By Omar Faridi  |  

Nium, a global payments platform, reveals that it has entered a definitive agreement to acquire Wirecard Forex India Pte. Ltd, which serves as a foreign currency exchange, pre-paid card, and remittance service provider for Indian markets. Wirecard Forex has been licensed by the Reserve Bank… Read More

June 8, 2021 @ 11:48 pm By Priyanka Pani  |  

Lithuania’s central bank has revoked the license of UAB Finolita Unio, a local Fintech, on charges of violating anti-money-laundering and counter-terrorist financing rules. Finolita had received a license in 2019 from the Lithuanian central bank to execute “payment transactions” and issue, distribute and redeem electronic… Read More

February 22, 2021 @ 6:33 pm By JD Alois  |  

Last year, the European Union approved pan-European crowdfunding rules that will apply to all member states thus finally offering a harmonized approach to online capital formation. Crowdfunding advocates and European platforms had long recognized the unnecessary friction intrinsic to raising capital based on national regulations… Read More

February 4, 2021 @ 5:04 pm By JD Alois  |  

German Finance Minister Olaf Scholz is taking some heat from various politicians as fingers look for somewhere to point blame. Social Democrat Scholz, along with his deputy Joerg Kukies continue to deny responsibility for the collapse of Wirecard AG (WDI.F), a Fintech that was once… Read More

January 5, 2021 @ 4:10 pm By JD Alois  |  

Wirecard (WDI:DE), an insolvent Fintech that is in the process of being sliced and diced and sold piecemeal, saw its shares jump by over 100% today. Yesterday, Wirecard was bouncing around at €0.30. Today, Wirecard experienced a significant jump in volume while rising in price at… Read More

December 31, 2020 @ 5:35 pm By JD Alois  |  

2020 was a challenging year for the entire world. The ongoing health crisis surprised everyone as the world dove into a pandemic, pummeling the global economy and impacting everyone. In many respects, Fintech emerged as a beneficiary of COVID-19. Digital transformation of financial services were… Read More

December 17, 2020 @ 11:44 am By JD Alois  |  

The break up of the once high-flying Fintech Wirecard continues as the insolvency administrator has announced that Wirecard Solutions South Africa has been acquired by Adumo RF Pty Ltd,  subject to approval by the local regulatory authorities. Today’s announcement follows similar announcements of the various… Read More

December 11, 2020 @ 11:00 am By JD Alois  |  

Wirecard, the Fintech that deserves the award for the most spectacular fraud and ensuing collapse of 2020, continues to earn headlines for the financial disaster. It was recently reported that Deutsche Bank’s head of accounting was compelled to temporarily step aside due to his involvement… Read More

November 19, 2020 @ 10:15 am By JD Alois  |  

Infamous Fintech Wirecard AG (WDI:DE) has seen its core European business sold to Banco Santander according to the insolvency administrator. Jaffe reports that the assets of Wirecard AG, Wirecard Technologies GmbH and other companies of the Wirecard Group, and the assets of the European core business were… Read More

September 30, 2020 @ 8:21 am By JD Alois  |  

The Monetary Authority of Singapore (MAS) has told bankrupt Fintech Wirecard (WDI.DE) to halt payment services in Singapore and to return all customer funds by October 14, 2020. MAS states that it has been monitoring Wirecard’s bankruptcy proceedings and the ability of the company to provide… Read More

September 22, 2020 @ 3:20 pm By JD Alois  |  

The ongoing exposé of leaked documents from FinCEN (the enforcement branch of the US Department of Treasury), and allegations of money laundering, continues to ripple through the media. A story shared by NBC News today covers the collapse of Choice Bank, based in Belize, and… Read More

September 11, 2020 @ 4:47 pm By JD Alois  |  

Wirecard (WDI:DE) and bankruptcy proceedings are inching forward for a Fintech that was once valued in the billions of dollars. Meanwhile, anti-money laundering authorities in the Philippines have uncovered 57 individuals of interest affiliated with the firm, according to a report. Bloomberg states that the Executive… Read More

August 27, 2020 @ 10:53 am By JD Alois  |  

The district court of Munich has opened the insolvency proceedings regarding the assets of Wirecard (WDI:DE), which were applied for on June 25, 2020, according to a note from the company. The current preliminary insolvency administrator Dr. jur. Michael Jaffé from the law firm JAFFÉ Rechtsanwälte… Read More

August 26, 2020 @ 8:01 am By JD Alois  |  

Wirex, a UK-based Fintech, has announced a partnership with Railsbank to provide Wirex cards in the APAC region. The move is emblematic of the rapid shift away from Wirecard (WDI:DE) a German Fintech now in bankruptcy proceedings. Wirex also facilitates cryptocurrency payments. Railsbank is a… Read More

August 25, 2020 @ 8:43 am By JD Alois  |  

As the class action lawsuits pile up, Wirecard (WDI:DE) is experiencing an exodus of empl0yees. The once prominent Fintech, now insolvent and dealing with allegations of fraud, has experienced a profound destruction in value as shares in Wirecard have effectively collapsed – trading slightly above… Read More

August 3, 2020 @ 4:47 pm By JD Alois  |  

Boon, a European payments platform and Apple Pay partner (among others), is shutting down, according to the company. Boon is part of Wirecard (WDI:DE), a Germany based Fintech that recently filed for bankruptcy following revelations of an accounting scandal and allegations of fraud. Boon is… Read More

July 27, 2020 @ 10:14 am By JD Alois  |  

Kynikos Associates, founded by well-known investor Jim Chanos, bet on Wirecard (WDI:DE) – the once prominent German Fintech that is now in the midst of insolvency proceedings. Chanos did not buy shares in Wirecard, he sold them, and the short bet paid off apparently as… Read More

July 23, 2020 @ 5:46 pm By JD Alois  |  

Wirecard (WDI:DE), once a Fintech darling that fell through the regulatory cracks and now is one of the biggest financial debacles ever in Germany, is compelling public officials to revamp their approach to compliance and oversight. According to a report in Suddeutsche Zeitung, German Finance… Read More