Wirecard AG

Other news this week: MAS proposes to increase deposit insurance coverage to $100,000 and more.

Henry Yeo, a director at Jacobson Fareast Marketing Services Pte, was convicted after pleading guilty to three charges.

Quoteworthy: "That’s what the great embarrassment for dictators — when they didn’t know what happened." - US's Joe Biden.

Breaches were identified during MAS’ investigation of the alleged involvement of Singapore-based entities in the Wirecard scandal.

The criminal convictions are the first related to the massive fraud at the payments firm.

The additional allegations concern 377.5 million euros ($610.8 million) in total, according to charge sheets.

Other forms of e-payments such as NETS, PayNow and SGQR continue to be available.

Singapore authorities have added two additional charges against the director of a local accounting firm in relation to the case tied to disgraced German payments company Wirecard AG.

German prosecutors suspect Wirecard AG extended large loans to partner companies before its implosion in June, at a time when the payments company was already facing media reports alleging accounting fraud.

R. Shanmugaratnam was charged with “wilfully and with intent to defraud” falsifying letters from Citadelle to Wirecard representing that the Singapore firm held tens of millions in euros in escrow accounts.