There is more blowback in the UK over the decision by the FCA to temporarily shut down Wirecard Card Solutions (WCS) thereby causing many fintechs and others to go offline; the result of this was that some of the country’s most vulnerable people were unable to buy food or access basic services for several days; apparently the regulator did not have complete information about who would be affected by the shutdown of WCS; several WCS customers such as Pockit and Morses Club’s U Account are focused on underserved communities without access to mainstream banking services; one example cited involved the Salvation Army and payments they make to victims of human trafficking on behalf of the government; they use debit cards issued by B4B Payments which in turn relied on Wirecard as the ultimate issuer of its cards; it demonstrates how interwoven and complex supply chains have become. Financial Times.
