FX Platform M-DAQ Acquires B2B Cross-Border Payments Provider Wallex

M-DAQ, a leading Singapore-based fintech company yesterday entered into a definitive agreement to acquire Wallex,a B2B cross-border payments provider with licenses in Hong Kong, Indonesia, and Singapore. The acquisition is the first of a series for M-DAQ, as it embarks on a global growth plan to capture market opportunities and expand its downstream reach in the value chain.

In addition to the amount paid for the full acquisition, M-DAQ will also be injecting fresh working capital to accelerate the Wallex business. The combined entity is expected to process in the excess of S$15 billion (US$11 billion) of Gross Transaction Value (GTV) this year.

Wallex will continue as an independently operated business and brand, with Hiro Kiga, Co-Founder and COO, appointed as the new CEO.

Wallex facilitates B2B cross-border payments for businesses in Indonesia, Greater China, and Singapore by offering seamless, up-to-speed transactions with competitive exchange rates and fees into more than 180 countries. Businesses can benefit from advanced multi-currency solutions to collect payments via virtual accounts and hold funds in a digital wallet.

With customisable APIs, Wallex also supports leading fintechs in Asia to innovate and scale their businesses by leveraging Wallex's infrastructure to build cross-border offerings tailored to their customer needs.

The acquisition provides synergy to both. Through Wallex, M-DAQ clients can utilise versatile electronic tools for funds transfers through its existing currency corridors, further improving reporting accuracy and regulatory reporting requirements. Wallex customers can enhance their FX experience through the M-DAQ proprietary solution, Aladdin, that can provide guaranteed FX rates and achieve more competitive pricing through the aggregation and algorithmic capabilities that M-DAQ offers.

The transaction is subject to customary closing conditions and regulatory approvals.