Tag: Wirecard

The collapse of German payment giant Wirecard has taken another turn as the UK's Financial Conduct Authority (FCA) has ordered the FinTech's British branch to cease all regulated activities.

FinTech Wirecard has filed for insolvency after a week of turmoil that saw it unable to account for a $2.1bn hole in its balance sheet and its former CEO being arrested on fraud allegations.

Having resigned on Friday as Wirecard's CEO, Markus Braun has now been arrested on charges of inflating the company's balance sheet.

The Wirecard scandal sweeping across the European FinTech space intensified over the weekend with CEO Markus Braun leaving the company as the board says the missing €1.9bn ($2.1bn) "do not exist."

German Wirecard saw its shares plunge by as much as 60% after the payment company revealed that €1.9bn ($2.1bn) was missing just as it was about to file its financial statements for 2019.

German payments company Wirecard is wrestling with fraud allegations after an expose in the Financial Times. It has now enlisted the services of KPMG to go over its accounting practices.

Wirecard, digital financial technology developer, has released a new fast track to PSD2 onboarding through its digital Financial Commerce platform.

German financial regulator BaFin has issued a general administrative act prohibiting the establishment of net short positions in shares of Wirecard.

Oney Bank has teamed with Wirecard to launch the first biometric payment system in Romania.