PR94610

SINGAPORE, Feb. 22, 2022 /PRNewswire＝KYODO JBN/ --

M-DAQ, a leading Singapore-based fintech company today 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.

Supporting synergies to scale

Wallex facilitates B2B cross-border payments in Indonesia, Greater China, and

Singapore by offering seamless, fast transactions with competitive rates and

fees into 180+ countries. Businesses benefit from multi-currency solutions to

collect payments via virtual accounts and hold funds in a digital wallet. With

customisable APIs, leading fintechs in Asia can leverage Wallex's

infrastructure to build tailored cross-border offerings.

Despite Covid-19, Wallex registered 5.5x growth in its annualised revenue.

Wallex supports nearly 2,000 banking and technology clients, processing almost

S$4 billion in GTV annually.

The acquisition provides synergy to both. Through Wallex, M-DAQ clients can

utilise versatile tools for funds transfers through its currency corridors,

improving reporting accuracy and regulatory reporting requirements. Through the

M-DAQ proprietary solution, Aladdin, Wallex customers can experience guaranteed

FX rates and more competitive pricing through its aggregation and algorithmic

capabilities.

Richard Koh, Founder and Group CEO, M-DAQ, says, "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."

"M-DAQ is also investing in building an ecosystem that complements the core FX

business. 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.

This B2B2b2c business model is an ecosystem of businesses that complements each

other, reduces duplication, increases efficiency, and ultimately reduces

transaction costs for the end clients, as economies of scale are materialised,"

adds Mr. Koh.

Wallex's co-founder and CEO Hiro Kiga says, "At Wallex, we have always strived

to deliver the most cost-efficient, fast, and secure payment solutions for

global businesses. 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."

Understanding global money movements with M-DAQ's Aladdin solution

Cross-border payments have grown significantly due to rising demand from all

businesses to engage in international trade. With a six-year track record of

providing price certainty, M-DAQ's flagship FX solution Aladdin, has cleared

close to S$30 billion cross-border transactions. The solution currently

empowers two of the largest internet ecosystems in China. Aladdin enables

customers on eCommerce platforms to shop in their home currency while allowing

merchants to receive payment in their preferred currency.

The transaction is subject to customary closing conditions and regulatory

approvals.

About M-DAQ

M-DAQ empowers businesses in various industries to facilitate cross-border

transactions with its best in-class FX solutions. The company has embarked on a

global growth plan to capture market opportunities and to create a new fintech

ecosystem, focused on providing technology-enabled financial services to

enterprises and fintechs.

Founded in 2010, with a vision to create a World without Currency Borders, the

company achieved net profitability in 2018. Leading Asian private equity firm

Affinity Equity Partners invested S$200 million in M-DAQ's Series D round.

Since 2016, M-DAQ's Aladdin FX solution has processed nearly S$30 billion in

cross-border transactions covering 45 markets globally, enabling eCommerce

ecosystems such as AliExpress, Tmall, and JD.com

Learn about how M-DAQ is transforming a World without Currency Borders at

www.m-daq.com. Follow them on www.linkedin.com/company/m-daq.

About Wallex

Founded by Jody Ong and Hiro Kiga in 2016, Wallex is a leading B2B FX and

cross-border payment platform catering to SMEs and Fintechs. Customers can

convert and pay in 46 currencies, collect payments via virtual accounts, and

hold funds through the Wallex Global Business Account.

With 100+ employees backed by deep domain expertise; Wallex has been helping

companies like Coda Payments, StyleTheory, Janio, and thousands of businesses

to go global effortlessly with their low-cost, secure and quick payment

solutions.

Wallex is regulated by the Monetary Authority of Singapore as a Major Payment

Institution under license no. PS20200433, by Bank Indonesia under license no

20/235/DKSP/83, and by the Hong Kong Customs and Excise Department under

license no. 19-12-02935.

Learn about how Wallex moves funds across borders at www.wallex.asia. Follow

them on www.linkedin.com/company/wallex.

For media queries:

M-DAQ

Jeremy Sng

GM, Corporate Finance and Strategy

+65 96454323

jeremy@m-daq.com

Wallex

Isabela Dian Martin

Marketing Manager

+62 817857814

isabela@wallextech.com

SOURCE: Wallex

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=415509

   Caption: M-DAQ Founder and Group CEO Richard Koh with Wallex Co-Founder and CEO Hiro Kiga