Singapore-based payments firm NIUM is buying Wirecard Forex India, or WFI, as it prepares to take a big bite out of India’s $83 billion remittance business.
A little over a year after Wirecard was ordered into insolvency proceedings by German regulators, its core assets and subsidiaries worldwide have been auctioned off. The latest subsidiary to be sold is WFI, formerly known as Star Global Currency Exchange Pvt. Ltd, a Reserve Bank of India authorized dealer in foreign currency exchanges.
“Wirecard Forex was run as a standalone business, and it got stuck in the entire Wirecard issue. We saw the …
Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.
Writer
advait@mailtmc.com
Mumbai