Wirecard collapse an 'unparallelled scandal': German finance minister

BERLIN, Germany - The collapse of payments provider Wirecard is an "unparallelled scandal" that should serve as a warning that tougher checks are required on the sector, Germany's finance minister said Thursday.

"Such a scandal must be a wake-up call that we need more oversight, more controls" over such financial firms, said Olaf Scholz after Wirecard filed for bankruptcy following revelations that 1.9 billion euros were missing from its accounts. -- Agence France Presse