The fall of former fintech industry darling Wirecard tells a tale of lacking institutional oversight, says Stasys Jakeliunas from the EU's FinTech Working Group.
The demise of Germany's fintech darling has exposed the extent of willful, but unjustified trust within the country's regulator, says DW's Kate Ferguson.
Germany's finance minister wants to beef up the nation's financial regulator in the wake of the Wirecard scandal. The finance watchdog admitted its ineffectiveness in preventing the auditing disaster.
The German payment company Wirecard has said it will open insolvency proceedings after disclosing more than $2 billion dollars missing in its accounts. Trade on shares in the company was suspended.
Germany's BaFin regulator had just one employee overseeing Wirecard, claims the Frankfurter Allgemeine newspaper. The online payments provider says its business "will be continued," despite its insolvency filing.
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