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The Wirecard Administrator allows you to sell part of your Asia operations

The Wirecard Administrator allows you to sell part of your Asia operations

The Wirecard administrator has reached an agreement to sell a large part of the operations of the defunct business to Asia, in an agreement given in the final phase of the disbandment of the fallen German payment group.

Finch Capital, a payment company backed by Amsterdam-based venture capital funds, is ready to buy Wirecard’s legal entities in the Philippines, Malaysia, Hong Kong and Thailand, as well as the company’s Singapore regional data warehouse, headquartered in Asia-Pacific.

The technology company of an Indonesian group has bought a Wirecard unit in the country, which employs 360 people in Indonesia and Malaysia.

“Following the challenging bidding process, we were able to sell the company at the best possible price and achieve significant flows of German debtors’ assets, ”said Michael Jaffé, a Munich administrator at Wirecard. He added that business units that are “worth joining” will continue to be a concern.

Wirecard went into bankruptcy last June in one of the biggest accounting scams in the country. Since then, the Jaffé company has expropriated them in the Americas, the United Kingdom and continental Europe. Last October, the US company Syncapay, a company specializing in payment solutions, bought Wirecard North America, and the lender Santander paid around 100 million euros a month later for Wirecard’s main business in Europe. The German company’s banking unit will be disbanded.

Transactions will further reduce what remains of the Asia-Pacific Wirecard, a region that was aggressively spread at the time. One of the biggest assets is Wirecard’s payment business in India.

The size of Finch Capital’s deal – which includes Wirecard’s customers, licenses and more than 120 employees – fell below the € 200 million paid by the German group to Citigroup to acquire the merchant portfolio. Radboud Vlaar, managing partner of Finch Capital, resigned.

In 2017, Wirecard acquired 20,000 merchant customers from U.S. lenders across 11 Asia-Pacific countries in an ambitious deal to give the company a nationwide name. Citigroup said the business has come out of the world.

Customers fled Wirecard last year after admitting that the Philippines ’bank accounts were allegedly missing $ 1.9 billion.

Singapore’s Monetary Authority, the country’s central bank, ordered Wirecard in September leaving payment services, the city-state filed a criminal lawsuit against the group as well as affiliated companies and agents.

But Vlaar said there are still a lot of blue customers left, including well-known international names such as Asian-based companies with European headquarters.

The purchase will help Finch Capital’s Nomu Pay; in fact, he said last month he would buy a Turkish subsidiary of Wirecard, build an Asian e-commerce and payments company.

Vlaar added: “We always look at how much an acquisition helps us to be faster, in the face of an organic trajectory.”

The Finch Capital deal will close next month, with the approval of the regulations, except in the Philippines, where it can take three months for the central bank to issue a permit.

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