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Wirecard Payment Solutions Malaysia Sdn Bhd (Wirecard MY)

Ref No : 07/20/01 03 Jul 2020 Embargo : For immediate release    

Bank Negara Malaysia wishes to provide information concerning Wirecard Payment Solutions Malaysia Sdn Bhd (Wirecard MY), a registered entity that carries out merchant acquiring services under section 17 of the Financial Services Act 2013, following the events unfolding at Wirecard AG, which is Wirecard MY’s parent company in Germany. Wirecard MY’s primary activities in Malaysia is to process card payments for merchants.

While Wirecard AG has filed for insolvency proceedings in Germany, Wirecard MY is currently assessing its position and business operations in light of the developments at its parent company. Bank Negara Malaysia is closely monitoring the operations of Wirecard MY to ensure that it will continue to fully meet its settlement obligations to merchants in Malaysia. Funds due to merchants are held in segregated bank accounts with licensed banking institutions in Malaysia which are not commingled with Wirecard MY’s own operational funds. Wirecard MY has also been required to take measures in coordination with card network operators to ensure uninterrupted settlement of payments to merchants and to facilitate the smooth transfer of payment services to alternate providers should the need arise.

Bank Negara Malaysia would like to assure the public that the payment system remains safe and sound, and that it continues to function smoothly.

Bank Negara Malaysia
03 Jul 2020

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