M-DAQ Global Acquires Licensed Payments Service Provider and Deepens ASEAN Footprint
July 31, 2024
· M-DAQ Global announced a strategic acquisition of Easy Pay Transfers Sdn. Bhd., a Malaysia-based B2B payments service provider.
· The acquisition will enhance M-DAQ Global’s local payments capabilities in Malaysia, deepening its foreign exchange expertise and reach in ASEAN.
[31 July 2024, Singapore] - M-DAQ Global Pte. Ltd. (“M-DAQ Global”), a Singapore-headquartered fintech group, announced today that it has completed the acquisition of licensed B2B payments service provider Easy Pay Transfers Sdn. Bhd. (“Easy Pay Transfers”). This move will enhance M-DAQ Global’s core capabilities in cross-border fintech solutions and deepen its growing footprint in ASEAN.
Licensed under the Money Services Business Act 2011 in Malaysia, Easy Pay Transfers provides businesses with convenient and transparent online payments service. This acquisition will bolster M-DAQ Global’s local payments capabilities in Malaysia, creating synergy with its existing suite of B2B solutions for foreign exchange and cross-border payments. As businesses continue to expand their customer and supplier channels across the Asia Pacific region, M-DAQ Global aims to facilitate seamless cross-border transactions across regional currency corridors.
Following M-DAQ Global’s acquisition of Wallex in 2022, a B2B cross-border payments provider with an extensive presence in Singapore, Indonesia and Hong Kong, this acquisition marks the next significant step in its global growth plan to extend value across the payments value chain. With Easy Pay Transfers as part of the group, M-DAQ Global will operate in Malaysia under a legal entity that is contemplated to be renamed as MDAQ Malaysia Sdn. Bhd..
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."
With this acquisition, M-DAQ Global is now present in 7 countries and territories serving close to 39,000 clients globally with the mission of delivering seamless cross-border transactions with certainty and clarity.
