Easy Pay Transfers Joins M-DAQ Global To Elevate Cross-Border Payment Services
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M-DAQ Global, a financial technology company in Singapore, has announced that it has bought Easy Pay Transfers, a business-to-business payments service company based in Malaysia. This move is part of the company’s goal to broaden its presence in the ASEAN region.
The purchase targets M-DAQ Global’s work in local payments and international financial technology solutions. Easy Pay Transfers provides online financial services to businesses.
The Company Targets Becoming Skilled In Foreign Exchange
This purchase will enable M-DAQ Global to work better with its current B2B services and improve local payments in Malaysia. By partnering with Easy Pay Transfers, the company wants to acquire more knowledge in foreign exchange and international transactions.
The founder and Chief Executive Officer of M-DAQ Global, Richard Koh talked about the purchase. He said that One of the firm’s main plans as it grows is to make it easier to handle international transactions.
He added that Malaysia is a big ASEAN market, and the team looks forward to welcoming Easy Pay Transfers to the company. Koh further stated that by combining the experience of the two companies, the teams want to offer more value to businesses.
This move came after M-DAQ Global bought Wallex, an intentional payments company that operates in Hong Kong, Indonesia, and Singapore. M-DAQ Global explained that the purchase of Easy Pay Transfers is a big step in its goal to improve payment services and conduct business through a new company called M-DAQ Malaysia.
With this purchase, M-DAQ Global, which is approved by Malaysia’s Money Services Business Act 2011, now has a presence in seven nations and areas. It also caters to about 39,000 customers worldwide.
The Company’s Net Loss For 2023 Increased To S$26.5 Million (US$19.7 million)
The company stated that the demand for international payments was very high, and many more customers have requested it in the last few years. M-DAQ’s leading forex solution, Aladdin, revealed that it had since processed billions of dollars in international transactions.
Last month, M-DAQ Global announced that its total net loss for the year ending December 31, 2023, increased to S$26.5 million (about US$19.7 million). This figure is more than twice of the loss recorded in the preceding year which was S$13.1 million.
The financial results include M-DAQ Global and its branches in the UK, Hong Kong, Japan, South Korea, Indonesia, and Singapore.
These branches include M-DAQ Cashport, which offers forex and money transfer services, and M-DAQ Payment Solutions (previously called Wallex Technologies), which handles international payments.
Even with the increase in losses, the company’s revenue for 2023, increased by 22.5%, hitting S$59.04 million (US$43.9 million). Its gross margin also rose to 37.1% last year, compared to 29.1% in 2022.
