The DEATH of WIRECARD
WIRECARD collapses into insolvency. 😱
Many of you may know Wirecard as the front end service of MotorPay, a joint Land Transport Authority-DBS Bank Partnership.
Remember whenever we incur an ERP fee, we get billed? Yeah… the receipt will show a Wirecard header.
What is to be an attractive and alternate payment solution, is however slowly becoming a nightmare for many vendors, and not to mention this company itself.
On June 18th, Wirecard’s auditor EY announced that they could not trace SGD $3 billion that were kept in escrow accounts, which were 2 Asian banks. But this is when the story becomes more complicated!
The 2 Asian banks, declared that the monies never entered their country! So apparently the biggest financial scandal that we are now seeing in the current Covid-19 period, is that the financial perpetrators were just using these banks to cover up their tracks. The monies have long been siphoned off!
Their dubious past has now caught up with their present, and they now face an uncertain future.
Nonetheless, our contingency planning has kicked in, and I will share what you can do.
HOW DOES THIS AFFECT US?
1. If you have any installment plans that rely on this Platform, do note that there may be delays as vendors find other more robust and trustworthy financial and payment solutions. 🕰
2. Fortunately, AIA has a PayEZ which allows adhoc payments, instantly apply for GIRO and Recurring Credit Card application. 📱
3. Do direct internet banking from “You to the Bank”. 🏦
4. Use AXS machines. This hardy machines located at selected petrol stations and shopping malls are still quite useful for payment matters. Who knows… one may still win prizes too!💰
5. GIRO is another time-tested payment solution. You can download this application forms from any banks’ website. 🕸
Even as our world becomes more attuned to e-commerce and transactions, we have to become even more wary of the financial and security risks that unfolds.
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