BERLIN—Germany’s finance minister says he wants to revamp the oversight system for the country’s financial industry in the wake of the accounting scandal at payment systems provider Wirecard.
The Munich-based Wirecard filed for bankruptcy recently after auditors couldn’t find accounts in the Philippines that were supposed to contain 1.9 billion euros ($2.1 billion). The company’s former CEO was arrested and released on bail, while its former chief operating officer is on the run.
