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 transaction, 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 follows 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 MDAQ 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 cites a rising demand for cross-border payments, which has significantly increased in the past few years. M-DAQ’s flagship FX solution, Aladdin, has reportedly cleared billions of dollars worth of cross-border transactions.

This article was written by Jared Kirui at www.financemagnates.com.

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