Wirecard subsidiaries in Australia, Hong Kong, Indonesia, Malaysia, Philippines and Thailand 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. The award-winning PrimeCash software for transaction banking allows banks to offer their corporate and private clients solutions for managing payment flows.
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.
“The sale of these shareholdings marks another positive result for the creditors. Despite the difficult initial situation, following a challenging bidding process we succeeded in selling the companies for the best possible price and securing substantial flows to the debtors’ assets in Germany. We have found a solution which allows business segments worth retaining to be continued as going concerns and at the same time leads to a very good result for the creditors. This is particularly pleasing, as it was not to be expected when the insolvency proceedings began,” said insolvency administrator Michael Jaffé.
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