Thursday, July 29th, 2021
Wirecard, German payment processor and financial services provider, recently signed an agreement with WOW DIgital Technologies. This move involves Wirecard selling its payment gateway platform and card management solutions business units in Asia Pacific.
This decision comes in the wake of the accounting scandal, after which the company collapsed into insolvency in June 2020. (The company admitted that €1.9bn (£1.7bn; $2.2bn) was missing from its accounts.) The news that Wirecard would be selling its business operations in Asia followed soon after.
According to Wirecard, following closing, the payment gateway platform will be managed by Bankograph Pte. Limited, a processing partner of WOW Digital Technologies. At the moment, Wirecard’s payment gateway business supports financial institutions in Australia, New Guinea, Singapore, Malaysia and Papua. Meanwhile, its card management solutions business provides products financial institutions in Malaysia, Laos, Cambodia and Myanmar use to both issue and manage cards.
Wirecard Will Transfer Software Assets
Details shared by the company confirm that the agreement does in fact include the transfer of certain software assets, such as Wirecard’s TeleMoney payment gateway, Wirecard Card Management System and Wirecard Application Processing Engine for paperless Know-Your-Customer (KYC) system and onboarding of merchants.
“We have structured this deal in the best interests of all stakeholders, particularly to ensure continuity of services for our payment gateway customers in Asia Pacific,” said Nick Gronow, Director at Wirecard.
To minimize potential disruptions in service as a result of this transfer, Wirecard has said it will also transfer to Bankograph all staff from those business units sold, and it will datacentre infrastructure assets in Singapore. Finally, the Wirecard team will operate as usual until the integration period has been completed successfully.
“We want to make this transition as seamless as possible and enable financial institutions to provide world-class services to their merchants beyond the current pandemic. Bankograph is well-poised to offer a stable of innovative technology products to our new bank partners on top of the payment gateway platform,” explained Alexander Gold, CEO Bankograph.
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