Singapore-based fintech firm M-DAQ has signed a definitive agreement to acquire business-to-business (B2B) cross-border payments provider Wallex.

Financial terms of the deal were not disclosed.

Besides acquisition consideration, M-DAQ plans to inject fresh capital into Wallex, which has a presence in Singapore, Indonesia, and Hong Kong.

Wallex will remain as a separate business within M-DAQ. It will be led by co-founder and COO Hiro Kiga, as the new CEO.

Following the transaction, the combined group is expected to process more than $11bn (S$15bn) of gross transaction value (GTV) this year.

Strategic rationale

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Wallex enables B2B transactions into more than 180 countries. It also provides business with multi-currency solutions that enable them to collect payments through virtual accounts and hold funds in a digital wallet.

The firm also offers customisable APIs and infrastructure to help Asian fintechs develop customised cross-border offerings for their customers.

The deal comes as M-DAQ seeks to accelerate its global growth plan in a bid to tap market opportunities and boost its downstream reach in the value chain.

The addition of Wallex will allow M-DAQ clients to tap electronic tools for funds transfers via the firm’s existing currency corridors. This is expected to further enhance reporting accuracy and regulatory reporting requirements.

Subsequently, the customers of Wallex will be able to improve their FX experience through the M-DAQ’s proprietary solution, Aladdin.


M-DAQ founder and CEO Richard Koh said: “Investing in businesses with strong growth potential is one of our core strategies, as we expand our ecosystem.

“We are excited to welcome Wallex into the M-DAQ Group to strengthen our footprint in the payments space by reaching a wider range of SMEs and their customers as we look to provide additional value and cost reductions to their businesses. Both organisations will continue with their aggressive hiring to scale further.”

Kiga added: “The combination of Wallex’s network and M-DAQ’s fintech expertise will enable us to deliver greater value to empower businesses across borders. We look forward to achieving our goals together, by creating new opportunities that leverage the strengths of each platform.”