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