M-DAQ Global, a fintech company based in Singapore, has announced the acquisition of Easy Pay Transfers Sdn. Bhd., a licensed B2B payments service provider in Malaysia.
This move follows a challenging financial year where M-DAQ reported a consolidated net loss of S$26.5 million (approximately US$19.7 million) for 2023, as detailed in regulatory filings, despite achieving a 22.5% increase in revenue to S$59.04 million (US$43.9 million).
This latest acquisition aims to enhance M-DAQ Global’s capabilities in local payments and deepen its expertise in foreign exchange across the ASEAN region.
Easy Pay Transfers, operating under Malaysia’s Money Services Business Act 2011, offers businesses transparent online payment services.
By integrating this service provider, M-DAQ Global seeks to strengthen its B2B solutions for foreign exchange and cross-border payments.
The addition of Easy Pay Transfers will see M-DAQ Global operating in Malaysia under the new entity tentatively called MDAQ Malaysia Sdn. Bhd.
This move is part of M-DAQ Global’s broader strategy to facilitate seamless transactions across regional currency corridors.
With this acquisition, M-DAQ Global has expanded its presence to 7 countries and territories, serving nearly 39,000 clients worldwide.
This development follows M-DAQ Global’s previous acquisition of Wallex in 2022, a cross-border payments provider with a presence in Singapore, Indonesia, and Hong Kong.
Richard Koh, Founder & 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.”
Jared Ang, Founder & CEO of Easy Pay Transfers, said,
“Our alliance with M-DAQ Global signifies our united aim to expand our market reach across Southeast Asia and foster greater ease of conducting business.
We are thrilled to embark on this growth journey and aspire to be one of the leaders in FX and payment solutions.”
Featured image credit: Edited from Freepik
