Singapore's fintech firm M-DAQ Global has acquired Easy Pay Transfers, a Malaysia-based B2B payments service provider. This step targets the company's expansion in the ASEAN region. The acquisition focuses on M-DAQ Global's operations in local payments and cross-border fintech solutions.
M-DAQ Global Expands Its Footprint
M-DAQ Global, headquartered in Singapore, announced the acquisition of Easy Pay Transfers on July 31, 2024. Easy Pay Transfers offers businesses online payment services.
By integrating Easy Pay Transfers, the company aims to create synergy with its existing B2B solutions and enhance local payment capabilities in Malaysia. The collaboration also seeks to expand its expertise in foreign exchange and cross-border transactions.
Speaking about the acquisition, Richard Koh, the Founder and Group CEO of M-DAQ Global, said: "Expanding our ecosystem to better support cross-border transactions is one of our core strategies as we scale up as a business."
"Malaysia is a significant ASEAN market, and we are excited to welcome Easy Pay Transfers into M-DAQ Global to leverage the expertise of both parties as we build up our capabilities in the region to deliver greater value for businesses."
M-DAQ's Other Acquisitions
The move followed M-DAQ Global's acquisition of Wallex, a cross-border payments provider with a presence in Singapore, Indonesia, and Hong Kong. According to the fintech firm, the addition of Easy Pay Transfers is an important step in M-DAQ Global's plan to enhance payment services and operate under a new entity named M-DAQ Malaysia.
With this acquisition, M-DAQ Global, licensed under Malaysia's Money Services Business Act 2011, now operates in seven countries and territories and serves nearly 39,000 clients globally. In 2022, M-DAQ acquired Wallex, a cross-border payment company with licenses in Hong Kong, Indonesia and Singapore. Wallex also has a presence in the Asian region.
The company cited a rising demand for cross-border payments, which has reportedly significantly increased in the past few years. M-DAQ’s flagship FX solution, Aladdin, disclosed that it had since cleared billions of dollars worth of cross-border transactions.
