How Wirecard’s exit may impact the future of payment processing in Asia

By The Asian Banker Mobasher Kazmi

The German fintech’s dramatic collapse is likely to reshape the payment processing landscape as market rewards players leading innovation and value creation.

What to expect next?

The demise of Wirecard has set in motion new opportunities for existing platforms in the payment ecosystem. Raymond Qu, CEO of Geoswift expects that “a number of fintech companies are expected to step in to fill the gaps.”  However, the needs to maintain integrity will have now changed with Qu underscoring that “many institutional clients will place a stricter standard on due diligence to choose its payment service provider, and give more weight to credibility of the firm and the endorsement this firm may get from other credible clients.”

Qu further went to add that “payment companies are under much more scrutiny from internal processes as well, and make sure that they are fully compliant in the markets they operate. Such changes would provide an opportunity for our industry to grow healthily as a whole.”

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Aug-20-2020 / Media Coverage

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