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Monday 29 June 2020

*UKHotviewsExtra* Wirecard collapse hits UK fintechs

WirecardThe collapse of German payments provider, Wirecard, has had a major impact on the UK fintech ecosystem. The firm’s sudden bankruptcy and the arrest of its CEO amid fraud allegations, have resulted in the services of a number of prominent providers being crippled. 

Without notice, UK regulator the FCA, has suspended Wirecard's UK operations. The action was taken to prevent assets from being transferred to Germany and to protect customer deposits. Several high-profile UK fintechs, including Curve, ANNA and Pockit have been forced to suspend their services, leaving millions of customers and small businesses unable to process transactions or access funds.

Whilst the full impact of Wirecard’s collapse is still to emerge, there are potentially longer-term ramifications, such as the possible effect on confidence in the UK fintech scene. There are also serious questions to be asked in respect of governance and scrutiny.

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Posted by: Jon C Davies

Tags: payments   FinTech  

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