Commenting on the impact of Wirecard's departure on merchants in Singapore, SMU Assistant Professor of Finance (Education) and Programme Director of the Citi-SMU Financial Literacy Programme for Young Adults Aurobindo Ghosh said that some of these major retailers had indulged in "some level of wishful thinking" – that other players could acquire the Wirecard business in Singapore. They might also have been hoping that the Singapore arm of Wirecard might be able to pull through, Asst Prof Ghosh added. He pointed out the need to build redundancies in the system, and emphasised the importance of regulation and corporate governance in fintech firms.