Tagged: wirecard

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

July 22, 2020 @ 2:22 pm By JD Alois  |  

The odyssey of the collapse of Wirecard (WDI:DE) continues to generate headlines as investigators sort through the rubble of the once prominent Fintech. The news has been flowing at a steady pace as pieces of the puzzle are added to Wirecard’s saga as authorities seek… Read More

July 20, 2020 @ 2:46 pm By JD Alois  |  

A report in German newspaper Handelsblatt claims that Jan Marsalek, Wirecard‘s former COO who is apparently on the run in light of the collapse of the once prominent Fintech, is said to be hiding out in Russia. The report references in the know individuals who… Read More

July 18, 2020 @ 12:54 pm By JD Alois  |  

A former Wirecard (WDI:DE) executive who was based in Dubai but returned to Germany and was quickly arrested wants to cooperate with investigators according to multiple reports. The unnamed individual was previously CEO of Cardsystems Middle East an entity that reportedly generated the bulk of… Read More

July 13, 2020 @ 8:34 am By JD Alois  |  

The Wirecard AG (WDI:DE) scandal has rocked the Fintech world as the once high flying firm that was a member of the DAX filed for bankruptcy following the revelation of a €1.9 billion in missing funds. Regulators, elected officials as well as Fintech industry insiders have… Read More

July 9, 2020 @ 5:45 pm By JD Alois  |  

Wirecard AG (WDI:DE)had its offices in Ireland raided today, according to a report in the Irish Times. Quoting a statement by the  Garda National Economic Crime Bureau (GNECB): “Following receipt of a mutual legal assistance treaty from German authorities, the Garda National Economic Crime Bureau began… Read More

July 8, 2020 @ 3:25 pm By JD Alois  |  

At a minimum, Wirecard AG (WDI:DE) has generated a good amount of fascinating, yet disappointing news, as the once high-profile Fintech plunged into bankruptcy. Today, according to WSJ.com, the US Department of Justice is investigating allegations of bank fraud surrounding a cannabis-focused company. While details… Read More

July 7, 2020 @ 10:00 pm By JD Alois  |  

Last week, well-known Insurtech Lemonade (NYSE:LMND) launched an initial public offering (IPO) on the New York Stock Exchange. Shares listed at $29 but quickly moved higher closing over $60/share – a significant move. Today, Lemonade traded at around $80 a share giving the young firm… Read More

July 7, 2020 @ 3:58 pm By JD Alois  |  

Last week it was announced that Dr. Michael Jaffé had been appointed to oversee the bankruptcy process of Wirecard AG (WDI:DE). The once prominent Fintech dove into ignominy following the revelation of €1.9 billion in missing funds. The financial scandal saw the CEO, Markus Braun,… Read More

July 6, 2020 @ 12:19 pm By JD Alois  |  

Multiple reports indicate that Wirecard’s (WDI:DE) top person in Dubai has been arrested. According to Reuters, the Munich prosecutor “questioned the chief executive of Cardsystems Middle East FZ-LLC earlier in the day and arrested him on the basis of a warrant.” The unnamed executive reportedly… Read More

July 6, 2020 @ 9:39 am By Samantha Hurst  |  

Contis Group, an alternative banking, payments, and processing provider, announced on Friday it has launched “quick migration” in order to support Wirecard customers. The launch of the quick migration processing comes less than a month after Wirecard filed for bankruptcy last week following the announcement… Read More