Ant-backed M-DAQ to acquire cross border payments provider Wallex
(22 February 2022 – Singapore) Ant-backed M-DAQ has entered into a definitive agreement to buy Wallex, a business-to-business (B2B) cross border payments provider with licences in Hong Kong, Indonesia and Singapore.
Wallex’s services include customisable application programming interfaces (APIs), competitive exchange rates into more than 180 countries, virtual accounts and a digital wallet, letting merchants collect, convert and store money in different currencies.
M-DAQ provides specialise technology-enabled financial service to enterprise customers and other downstream fintech companies. Its proprietary FX solutions process over S$10 billion in cross border transactions annually.
Wallex co-founder and COO Hiro Kiga, who has been appointed as new CEO, said the startup will continue as independently operated business and brand.
The deal is one of the first in a possible series of acquisitions for the Southeast Asian payments space by the company, according to Jeremy Sng, M-DAQ head of corporate finance and strategy, paving the way for an initial public listing (IPO) in the United States, Singapore or London.
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