Trouble in Fintech Land: Fraud in Payments Sector

Posted by Joachim Bartels | Jun 23, 2020 | ! Homepage Slider, ! Recent Country News, China, FinTech, FinTech Companies, Hong Kong, Payment Services, Uncategorized | 0 |

Following the Wirecard scandal of the missing EURO 1,9bn in cash, another payment company, UCF Pay revealed an embezzlement of US$212 million.

Chong Sing Holdings FinTech Group Ltd., whose shares have been suspended since July 2019 after irregularities were uncovered by mainland regulators, revealed the scale of the embezzlement in a filing to the Hong Kong Stock Exchange. The Hong Kong listed company disclosed a 1.5bn yuan (US$212) embezzlement and warned that it may have to shut the business down.

Source: Caixinglobal.com

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Joachim Bartels

Joachim C Bartels is a co-founder, director, head of information resources and Editor-in-Chief of BIIA. In his capacity as Editor-in-Chief he is responsible for the selection of relevant information content concerning industry insights, trends, technological developments, standards and policies impacting BIIA members in particular and the business information industry in general.

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