SINGAPORE (THE BUSINESS TIMES) – Wirecard’s insolvency administrator has sold off another Asian entity of Wirecard – this time to Nium, the cross-border payments platform previously known as InstaReM.
Administrator Michael Jaffe announced on Wednesday (July 7) that the company’s subsidiary Wirecard Forex India was sold to Nium following an international bidding process.
The sale consideration was, however, not disclosed.
“Despite the (Covid-19) pandemic’s negative effects, including the hard lockdowns in India, we have been able to secure a going concern of Wirecard Forex India’s business and successfully conduct a sales process in the best interest of the creditors,” said Dr Jaffe.
Wirecard Forex India is a foreign currency exchange, prepaid card and remittance service provider in India with nearly 190 employees.
It is licensed by the Reserve Bank of India as an Authorised Category II Money Exchange Dealer, and provides the Indian market with foreign currency exchange and money remittance services.
Sale of the company remains subject to India’s banking control authority among other conditions.
Last month, it was announced that Nium, which is backed by Temasek, Visa and Vertex Ventures, had signed a definitive agreement to fully acquire London-based travel payments player Ixari for £15 million (S$28 million).
The company also signed a term sheet with an entity in India authorised by the central bank to deal in foreign exchange for specified purposes.
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