M-DAQ Global, a Singapore-headquartered fintech company, announced Monday that it has expanded its global footprint with the opening of its Japanese office through its wholly-owned Japanese subsidiary, M-DAQ Japan K.K.

Located in Fukuoka, the Western Japan office was seen as a natural fit for several reasons, M-DAQ said in a statement.

According to the statement, the city shares a similar approach and commitment to progress as Singapore, with the private and public sectors actively collaborating and developing innovative solutions to meet evolving business requirements and improve lives.

Geographically located close to Korea, China and Taiwan, it said Fukuoka is a popular tourist destination.

It also said the opportunity to establish partnerships with the corporates in the district will create the perfect springboard for M-DAQ to launch Aladdin, its flagship FX solution.

It said in Fukuoka, M-DAQ has initiated discussions with the Fukuoka City Government, Kyushu Railway Company (JR Kyushu), Nishi-Nippon Railroad Company (Nishitetsu), Fukuoka International Airport Corporation, Hakata Port International Terminal and Fukuoka Convention and Visitors Bureau to improve the foreign currency user experience in retail and travel transactions.

M-DAQ and Fukuoka Stock Exchange will also start exploring the feasibility of implementing TRC, a solution for securities trading.

“We’re excited that M-DAQ Global has chosen Fukuoka City as the base of their Japan operations. With our sights set on becoming a startup and global financial hub, Fukuoka City is looking forward to working with M-DAQ Global to create new innovative solutions to empower the financial world,” said Soichiro Takashima, Mayor of Fukuoka City.

The investment into Japan is part of a long-term strategic plan. This expansion comes on the heels of M-DAQ entering into a partnership with NTT Communications to launch Home Currency Anywhere (HCA), Japan’s first rate-guaranteed FX information and transaction data service.

“Investing in the growth of our regional footprint in East Asia gives us the opportunity to better serve the needs of our customers in that region,

“We are excited to be putting down roots in the city of Fukuoka and the broader region to not just deliver greater value to customers there, but also collaborate with Mayor Takashima in growing Fukuoka into an entrepreneurial hub,” said Richard Koh, Founder and Group Chief Executive Officer of M-DAQ.

Founded in 2010 with a vision to create a world without currency borders, M-DAQ is a firm that empowers businesses in various industries to facilitate cross-border transactions with its best-in-class foreign exchange (FX) solutions.

The firm has embarked on a global growth plan to capture market opportunities and to create a new fintech ecosystem, focusing on providing specialised technology-enabled financial services to enterprise customers and other downstream fintechs.

Backed by global institutions such as Affinity Equity Partners, Ant Group, EDBI, NTT Communications and Samsung, the firm has processed over S$32billion ($22.93 billion) of cross-border transactions over 45 markets since the launch of its Aladdin FX solution in 2016.

M-DAQ turned net profitable in 2018. This has enabled the company to harness its technology to invest in new business lines while maintaining a strong balance sheet.

The firm’s technological solutions rely on the use of big data through its predictive engine and a proprietary algorithm supported by two-thirds of the world’s foreign exchange liquidity providers.

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