Singapore-based fintech company M-DAQ Global Easy Pay Transfers Sdn. Bhd.A Malaysian licensed B2B payment service provider.
The move follows a tough financial year for M-DAQ. report According to regulatory filings, the company expects a consolidated net loss of S$26.5 million (US$19.7 million) in 2023, despite revenue growing 22.5% to S$59.04 million (US$43.9 million).
This latest acquisition aims to strengthen M-DAQ Global’s local payments capabilities and deepen its foreign exchange expertise across the ASEAN region.
Easy Pay Transfers operates under Malaysia’s Fund Services Business Act 2011 and provides transparent online payment services to businesses.
By integrating this service provider, M-DAQ Global aims to strengthen its B2B solutions for foreign exchange and international payments.
With the addition of Easy Pay Transfers, M-DAQ Global will operate in Malaysia under a new entity, tentatively called MDAQ Malaysia Sdn. Bhd.
The move is part of M-DAQ Global’s broader strategy to facilitate seamless trading between regional currencies.
With this acquisition, M-DAQ Global will expand its footprint to seven countries and regions, serving approximately 39,000 customers worldwide.
This development was undertaken by M-DAQ Global’s previous Acquire Wallex in 2022A cross-border payments provider based in Singapore, Indonesia and Hong Kong.
“We are pleased to welcome M-DAQ Global to the UAE,” said Richard Koh, Founder and Group CEO of M-DAQ Global.
“As we scale our business, expanding our ecosystem to better support cross-border trade is one of our core strategies.
Malaysia is an important ASEAN market and we are pleased to welcome Easy Pay Transfers to M-DAQ Global, leveraging our mutual expertise and building capabilities in the region to deliver even more value to businesses.”
“Easy Pay Transfers is a game changer,” said Jared Ang, founder and CEO of Easy Pay Transfers.
“Our partnership with M-DAQ Global represents our shared goal of expanding our market reach and making it easier to do business across Southeast Asia.
We are excited to embark on this growth journey and aim to become one of the leaders in FX and payments solutions.”
Featured Image Credit: Free Pick
