Wirecard Clients Get Cold Feet After $2 Billion Goes Missing
- Grab and Orange reconsidering partnerships amid chaos
- Moves highlight urgency for interim CEO to reassure partners
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Singapore ride hailing company Grab Holdings Inc. is among the businesses distancing themselves from Wirecard AG, making it harder for the German payments company to recover from a scandal that’s caused its shares to collapse and its former chief executive officer to be arrested.
Grab said it hasn’t begun integration work on a partnership with the firm. French telecom carrier Orange SA will soon put a new payments partner in place for its Orange Bank unit, according to a person familiar with the situation who asked not to be identified discussing confidential matters. While its issues with Wirecard are mostly technological, the debacle at the company is accelerating a change to a new provider, the person said.