SINGAPORE, Oct 1 — Singapore’s central bank said yesterday it had directed embattled German payments firm Wirecard to cease providing services in the city-state and return all customers’ funds.

"Wirecard SG has informed MAS that it is unable to continue providing payment processing services to a significant number of merchants,” the Monetary Authority of Singapore said in a statement.

"MAS has assessed that it is in the interest of the public for Wirecard SG to cease its payments services and promptly return all customers’ funds,” it added saying the actions must be taken by October 14.

Wirecard’s primary business activities in Singapore are to process payments for merchants and help companies issue pre-paid cards. — Reuters