Several Wirecard subsidiaries in APAC get sold
In the insolvency proceedings concerning the assets of Wirecard AG and Wirecard Sales International Holding GmbH additional companies of the group have been successfully sold off. Following an extensive international bidding process, agreements have been reached on the sale of several subsidiaries in the Asia-Pacific region.
Insolvency administrator Michael Jaffé secured a sale of the shares in Wirecard e-Money Philippines, Inc., Wirecard Payment Solutions Malaysia Sdn. Bhd., Wirecard (Thailand) Co., Ltd. and Wirecard Payment Solutions Hong Kong Limited to Nomu Pay Ltd, a company owned by British and Dutch Technology Investment Firm Finch Capital following a further investor process. The sales agreement signed this week also covers assets and licences associated with the data warehouse of Wirecard Asia Holding Pte. Ltd. and Wirecard Singapore Pte. Ltd.
At least 110 jobs will be retained at the various sites in Asia as a result. The transaction is still partly subject to approval by local banking regulators. The creditors committee of Wirecard AG has already approved the transaction.
The companies sold provide financial institutions and regional merchants with a range of payment processing solutions. These also include the Merchant & Acquiring business and licences for accessing the major payment card networks. Wirecard Payment Solutions Hong Kong Limited provides acquiring services for merchants in the digital and mobility, consumer goods retail and tourism sectors. Wirecard e-Money Philippines, lnc. opens up both online channels (e-commerce) and offline channels (POS terminals) for payment processing to merchants. It also holds a licence for issuing electronic money (EMI).
Wirecard Payment Solutions Malaysia Sdn Bhd likewise provides services for online e-commerce and offline merchants services as well as loyalty and e-wallet solutions for one of the largest operators of customer loyalty programmes in Malaysia.
Apart from this, PT Wirecard Technologies Indonesia, which has around 360 staff at sites in Indonesia and Malaysia, was sold to the technology holding company of an Indonesian company group. PT Wirecard Technologies Indonesia is a leading provider of digital software products for banks in Indonesia, Malaysia and other Southeast Asian countries.
Prior to this, Wirecard Australia A&I Pty Ltd. was successfully sold to an Australian payment services provider. The transaction is still subject to customary closing conditions.
In March 2021, Finch Capital, through Nomu Pay, a vehicle that invests in payment assets, reached an agreement to acquire Wirecard Ödeme Ve Elektronik Para Hizmetleri (Wirecard Turkey).
In January 2021, the sale of the Wirecard core assets to Banco Santander group was completed. Around 500 employees will become part of Santander’s Getnet platform. This way, almost all of the remaining jobs at the Aschheim site near Munich are preserved.
The insolvency administrator has already successfully sold several other parts of Wirecard group worldwide including Wirecard North America’s sale to Syncapay, Wirecard Brazil’s sale to PagSeguro and Wirecard Romania’s sale to SIBS.
Let’s recall that the Munich Local Court appointed Michael Jaffé as the insolvency administrator of Wirecard AG and Wirecard Technologies GmbH, Wirecard Issuing Technologies GmbH, Wirecard Service Technologies GmbH, Wirecard Acceptance Technologies GmbH, Wirecard Sales International Holding GmbH and Wirecard Global Sales GmbH in a court order given on 25 August 2020.