Wirecard's India unit sold to Temasek-backed Nium
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.
In a press statement issued on Wednesday, administrator Michael Jaffe announced 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 Authorized Category II Money Exchange Dealer, and provides the Indian market with foreign currency exchange and money remittance services.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sale of the company remains subject to India's banking control authority among other conditions.
In June this year 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 Ixaris 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.
READ MORE: Temasek-backed Nium to expand in US ahead of potential listing
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups
OpenAI, Reddit sign partnership on ChatGPT, AI products, ads
OpenAI co-founder Ilya Sutskever departs ChatGPT maker
Sea posts US$23 million Q1 loss, but investors cheer Shopee’s record revenue
Uber to buy Delivery Hero’s Taiwan business for US$950 million
SoftBank sells off Vision Fund assets as Son pivots to AI, chips
Battery swapping faces uphill climb in Singapore’s EV market