Type to search

Singapore Fintech M-DAQ Buys Payments Outfit Wallex

M-DAQ said it would inject fresh capital to accelerate Wallex’s business, which is expected to process about $11 billion worth of transactions this year

M-DAQ chief executive Richard Koh, left, shakes hands with Wallex co-founder Hiro Kiga. Photo: M-DAQ.


Singapore-based fintech company M-DAQ said it would acquire Wallex, a cross-border payments provider with licences in Hong Kong, Indonesia and Singapore.

The price tag was not disclosed but last year M-DAQ said it would buy companies worth $50-$250 million. M-DAQ will also be injecting fresh working capital to accelerate the Wallex business.

The combined entity is expected to process about S$15 billion ($11 billion) worth of transactions this year.

M-DAQ said it plans to allow Wallex to continue as an independently operated business and brand.

Wallex facilitates business-to-business (B2B) cross-border payments in Indonesia, China and Singapore and supports fintechs in Asia with cross-border apps.

The Wallex platform supports nearly 2,000 banking and technology clients, processing almost S$4 billion annually.

“M-DAQ is also investing in building an ecosystem that complements the core foreign exchange (FX) business,” chief executive Richard Koh said.

“In this instance, M-DAQ will be the upstream FX provider to supply Wallex with the necessary liquidity it needs to run its core payments business.”

The transaction is subject to regulatory approvals.


  • George Russell




Yuan Holds No. 4 Spot in World Payments Rankings – Xinhua


Payments Billionaire Announces 3 More SpaceX Flights


Worse to Come for Payments Merchant Paytm’s Shares



George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.


AF China Bond