Singapore FinTech firm M-DAQ acquires payment firm Wallex to expand its cross-border ecosystem

M-DAQ has entered into a definitive agreement to acquire Wallex. The acquisition is the first of a series for M-DAQ, as it embarks on a global growth plan to capture market opportunities and expand its downstream reach in the value chain. In addition to the amount paid for the full acquisition, M-DAQ will also be injecting fresh working capital to accelerate the Wallex business. The combined entity is expected to process in the excess of S$15 billion ($11 billion) of Gross Transaction Value (GTV) this year.