M-DAQ, one of the leading fintech companies in Singapore, recently announced the completion of the acquisition of Wallex. The company termed the latest acquisition an 'important milestone'.
The recent announcement from M-DAQ came approximately six months after the company first confirmed its plan to acquire Wallex. Through the acquisition, M-DAQ is planning to expand its global presence.
With licenses in Hong Kong, Indonesia and Singapore, Wallex is one of the prominent cross-border payment providers. The company has broad operations in the Asian region.
“We are delighted to announce that Wallex is now part of M-DAQ Global, effective today. This is an incredibly exciting milestone for us, as this synergy marks the first of many steps in expanding our ecosystem. We will strive as one team to deliver greater value to our customers globally,” M-DAQ noted in an official post on LinkedIn.
Cross-Border Payments
The overall demand for smooth cross-border payments has increased significantly in the past few years. M-DAQ’s flagship FX solution Aladdin has cleared billions of dollars worth of cross-border transactions so far.
“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 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 materialized,” Richard Koh, the Founder and Group CEO of M-DAQ, said.
