While today at Wirecard the headline about the arrest of ex-CEO Markus Braun in connection with the balance sheet scandal determines the headlines, another piece of news goes down a bit. In Singapore, where Wirecard offers customers payment processing, among other things, the company from Aschheim has now acquired its own banking license. This is confirmed by the central bank of the Asian city-state.
So far, Wirecard has been active in Singapore without a banking license, and there is an exemption from the Singapore Central Bank. Due to new laws in the country, a banking license is mandatory for future business. The procedure is also related to the Wirecard problems in the Asian business, where one is primarily dependent on third-party licenses – the scandal-ridden DAX group had announced that it would also like to become more active in the non-European business with its own banking licenses in the future.
Wirecard’s share price can currently recover in trading on Tuesday. The plus of currently around 28 percent to 18.48 euros looks spectacular at first glance, but actually only compensates for a very small part of the losses that have arisen since Thursday morning – up to 109 euros were still paid for Wirecards shares. In addition, the chart technique could be pushing itself back into the foreground: An obstacle could appear at EUR 18.70 / EUR 19.26. Today’s daily high has so far been quoted at EUR 18.84.
However, the news situation at the company is currently so dominant that even the smallest news can produce strong price fluctuations within a few minutes. At the moment, investors are mainly waiting on the Frankfurt Stock Exchange News from Wirecard’s negotiations with the banks on a EUR 1.8 billion credit line. Since the Aschheim company has so far been unable to provide a certified balance sheet due to the scandal of alleged fiduciary funds, the banks could refuse to give the group further financial support. It remains to be seen whether Wirecard’s banks will actually terminate the loan.