Re:SoftBank to invest over $1B in German payment company Wir...
by olivermarks on Wednesday April 24, 2019 @12:23PM
(#19739976)
today's FT front page headline 'Wirecard relied on three opaque partners for almost all its profit'
'Dubai-based unit of German payments group was not audited'
'Al Alam Solutions, a Dubai-based payments processor with skeletal operations in the Emirate, is the largest of the three “partner” entities. Wirecard refers clients to Al Alam in return for a share of any processing fees as commission. A former Al Alam employee said the business had six or seven staff in total and “the boss” was Oliver Bellenhaus, a Wirecard executive.
The other partners are PayEasy Solutions, a Philippine payments group that shares an office with a Manila bus company, and Singapore-based Senjo. '
'Al Alam Solutions, a Dubai-based payments processor with skeletal operations in the Emirate, is the largest of the three “partner” entities. Wirecard refers clients to Al Alam in return for a share of any processing fees as commission. A former Al Alam employee said the business had six or seven staff in total and “the boss” was Oliver Bellenhaus, a Wirecard executive. The other partners are PayEasy Solutions, a Philippine payments group that shares an office with a Manila bus company, and Singapore-based Senjo. '
https://www.ft.com/content/a7b43142-6675-11e9-9adc-98bf1d35a...