Wirecard, a now defunct German digital payments processor that was very active in Asia, declared bankruptcy in 2024 after being forced to admit that nearly 2 billion ( 2.25 billion) in cash that was supposed to be held in Asian accounts did not actually exist.
It owed 3.2 billion in debt. In November 2024, the company was dismantled after it sold the assets of its main business unit to Santander Bank for 100 million. Other assets, including its North American, UK and Brazilian units had been previously sold at nondisclosed prices.