How a rising German FinTech star crumbled – The National

SourceThe National
CountryUnited Arab Emirates

Wirecard's collapse offers lessons for regulators around the world Wirecard's headquarters in Aschheim, near Munich. The company said last week 77 potential buyers for parts of the business had signed confidentiality agreements so far. About 60 of these were for its North American assets. AFP   On April 27, accountancy firm KPMG published the findings on an independent audit commissioned by German payment processing giant Wirecard in the hope that it would quash much of the negative publicity that had surrounded the company over the previous 18 months. It didn’t. Instead, KPMG's verdict – that it couldn’t verify whether vast amounts of the company’s revenue and earnings were genuine – sent Wirecard more...