What M-DAQ Global does

M-DAQ Global is a Singapore-headquartered fintech founded in 2010 that provides cross-border foreign exchange (FX) and payment solutions to enterprises, e-commerce platforms, payment processors, stock exchanges, brokers, remittance companies, and fintechs across 45 markets. The company's core offering is built on a proprietary FX pricing engine anchored by the patented COM-PLAX™ VWAP-stacked pricing algorithm, which aggregates quotes from approximately two-thirds of the world's FX liquidity providers to deliver near-mid-market rates and eliminate front-running risk. The product portfolio spans home-currency pricing for e-commerce (Aladdin), cross-border payments via its Wallex subsidiary (47 currencies, 160+ countries, multi-currency wallet holding 13 currencies, virtual ASEAN accounts), FX hedging through forward contracts (4XPro), multi-currency securities trading (Trading the Right Chart™), treasury management (MyFX, TaaS, HaaS), the ASEAN Currency Crossing Pool™ benchmark, e-wallet interoperability (FLIQ), and an AI-powered KYB compliance tool (CheckGPT).

Name

M-DAQ Global

Legal name

M-DAQ Global Pte. Ltd.

Website

https://m-daq.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

251–500 employees

Short description

M-DAQ Global is a Singapore-based fintech providing cross-border FX and payment solutions to enterprises, e-commerce platforms, fintechs, and financial institutions across 45 markets, powered by a proprietary VWAP pricing engine.

Ownership category

akta.pro rank

Product category

Cross-Border Payments & FX Infrastructure

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Finance Services (6199)

akta.pro primary industry

Cross-Border FX, Multi-Currency & Treasury for Payments (FSAGABAK)

akta.pro secondary industries

Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF), FX Conversion, Pricing & Hedging Infrastructure (Treasury/Rate Engines) (FSAGAKAG)

Keywords

• Cross-border payments
• Foreign exchange solutions
• E-commerce pricing
• Multi-currency wallet
• FX hedging

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. FX Spread / Margin on Currency Conversion: M-DAQ's primary revenue stream is the markup over mid-market FX rates applied on all foreign exchange transactions. Per their terms: 'the applicable charge imposed by M-DAQ on the Client is calculated based on the total volume of such foreign exchange transaction multiplied by a mark-up over the mid-market rate following industry standard benchmarks such as those provided by Reuters. Such mark-up shall be reflected in the final foreign exchange rate displayed on our platform(s).' Spreads are configurable per client and used to create a 'risk-free revenue stream' for e-commerce platforms on Aladdin.
2. Cross-Border Payment Processing Fees: Wallex charges fixed transaction fees for international payments in supported currencies. For SGD and IDR payments, average processing time is under an hour. Payments in 20+ top currencies (USD, EUR, GBP, HKD, INR, MYR, etc.) are typically delivered same day. Revenue is generated per transaction on both the payment/transfer leg and FX conversion leg.
3. Treasury as a Service (TaaS) Fees: M-DAQ acts as a client's treasury function, managing FX hedging, operational support, and reporting. Priced at a competitive cost with the M-DAQ team operating on behalf of the client with full data privacy from the rest of M-DAQ's business. Revenue likely generated through a combination of transaction fees and service fees.
4. Hedging as a Service (HaaS) Subscription: Hedge-as-a-Service is a cross-border risk transfer solution for SMEs to limit FX exposure. Includes full customisation of notional amount, contract term, and preferred exchange rate. One documented example priced hedging at SGD 100/month for SGD 100,000 notional over 3 months.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

M-DAQ Global is a Singapore-based fintech that builds and operates proprietary foreign exchange (FX) pricing and cross-border payments infrastructure. Its product suite spans home-currency pricing for e-commerce (Aladdin), cross-border payments and multi-currency wallets (Wallex), FX hedging via forward contracts (4XPro), at-trade multi-currency securities trading (Trading the Right Chart), and AI-powered KYB compliance (CheckGPT), serving enterprises, payment processors, remittance firms, stock exchanges, and fintechs.

Product overview

M-DAQ Global is a Singapore-based fintech company offering a unified cross-border FX and payments platform. The core product portfolio centers on Aladdin (home-currency pricing for e-commerce) and Wallex (cross-border payments subsidiary), supplemented by specialized modules including 4XPro (FX risk management via forward contracts), Trading the Right Chart™ (multi-currency securities trading), MyFX (treasury management), Hedging as a Service, Treasury as a Service, CheckGPT (AI-powered KYB), ASEAN Currency Crossing Pool™ (regional FX benchmark), and FLIQ (e-wallet interoperability). The platform serves e-commerce platforms, stock exchanges, payment processors, remittance companies, corporates, and fintechs across 45 markets.

Differentiator

Problem solved

Functional benefit

Brands

• Aladdin: Award-winning proprietary FX engine for e-commerce platforms providing home-currency pricing, eliminating uncertainty of high cart abandonment rates from foreign currency conversion.
• MyFX
• 4XPro
• Trading the Right Chart (TRC)
• Wallex
• Treasury as a Service (TaaS)
• Hedging as a Service (HaaS)
• ASEAN Currency Crossing Pool (ACCP)
• FLIQ
• CheckGPT

Products and services

• Aladdin Award-winning home-currency pricing engine for e-commerce platforms and payment processors that lets international shoppers transact in their local currency with guaranteed FX rates, eliminating FX exposure and cart abandonment for merchants.
• Wallex Cross-border payments and FX platform for businesses, enabling international payments in 47 currencies across 160+ countries, local collections in ASEAN and major currencies, multi-currency wallets holding 13 currencies, and API integration for fintech partners.
• 4XPro FX hedging platform offering forward contracts with over 60 currency pairs, available 24/7 including weekends, with flexible order types and competitive pricing powered by the COM-PLAX engine.
• Trading the Right Chart (TRC) Multi-currency quotation and trading solution that shifts FX conversion from post-trade to at-trade execution, enabling stock exchanges and brokers to offer investors real-time executable securities prices in their preferred currency.
• MyFX Treasury management and FX conversion platform using the patented COM-PLAX VWAP pricing algorithm for competitive FX rates, accessible via web portal or API for Straight-Through Processing.
• CheckGPT AI-powered Know Your Business (KYB) compliance tool that uses natural language processing to expedite business customer onboarding through document analysis and entity verification.
• Treasury as a Service (TaaS) Outsourced professional treasury function providing FX risk management, operational support, data privacy, and reconciliation/reporting services, with M-DAQ acting on behalf of clients.
• Hedging as a Service (HaaS) FX hedging solution enabling SMEs to limit foreign exchange exposure through customisable forward contracts with flexible notional amounts, contract terms, and preferred exchange rates.
• ASEAN Currency Crossing Pool (ACCP) Neutral ASEAN currency FX benchmark enabling direct conversion between ASEAN currencies without USD as an intermediary, using a patented VWAP-stacked price sourcing algorithm for transparent pricing.
• FLIQ Cross-border e-wallet interoperability solution enabling wallet-to-wallet transfers globally with guaranteed FX rates and no disclosure of financial information.

Quantifiable outcome

• Aladdin has helped clients increase cross-border transactions by more than 300% since inception.
• +4 more outcomes

Named customers15 records

Segments8 records

Ideal customer profiles7 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability2 records

Feature7 records

Partnerships

Two partnerships are on record, tiered core.

• Easy Pay Transfers Sdn BhdcoreStrategic or Co-development Partner · 1 August 2024M-DAQ acquired Easy Pay Transfers Sdn Bhd, a Malaysia-based money transfer company, to strengthen its local payments capabilities in Malaysia and facilitate cross-border transactions across Asia Pacific. This acquisition is part of M-DAQ's broader regional strategy spanning Singapore, Indonesia, Hong Kong, and Malaysia.
• WallexcoreStrategic or Co-development Partner · 10 August 2022M-DAQ completed the acquisition of Wallex in August 2022, integrating Wallex's cross-border payments and FX capabilities into M-DAQ's ecosystem. Wallex operates as M-DAQ's payments subsidiary, enabling international payments in 47 currencies across 160+ countries.

Scale indicators8 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• OFX: OFX is an ASX-listed global payments and FX specialist serving businesses and individuals with international money transfers and currency hedging. Comparable to M-DAQ in cross-border FX execution and forward contract offerings for SMEs and enterprises.
• Kantox: Kantox is a London-based fintech specializing in FX hedging and cross-border payment solutions for SMEs and mid-market companies. Its dynamic hedging and FX risk management offerings directly compare to M-DAQ's 4XPro and HaaS products.
• Currencycloud: Currencycloud (now part of Visa) is a cross-border payments and FX-as-a-service platform for fintechs and banks. Its API-first FX infrastructure approach closely parallels M-DAQ's Wallex API offering for embedded cross-border payments.
• Thunes: Thunes is a Singapore-headquartered cross-border payments network enabling businesses to send payments to 130+ countries. Its focus on emerging market payment corridors and remittance infrastructure directly overlaps with M-DAQ's remittance and emerging market FX offerings through Wallex.
• Airwallex: Airwallex is a Melbourne-headquartered cross-border payments platform serving SMEs and enterprises with multi-currency accounts, FX, and payment acceptance. It directly competes with M-DAQ's Wallex and Aladdin offerings across Asia-Pacific, particularly in e-commerce and B2B cross-border payments.
• Nium: Nium is a Singapore-headquartered global payments infrastructure platform offering cross-border payments, FX, and issuing. As a fellow Singapore fintech with similar cross-border FX and payment infrastructure focus, Nium is a direct peer competing for the same enterprise and fintech customers across Asia-Pacific.
• Wise: Wise (formerly TransferWise) is a London-listed cross-border payments and multi-currency account platform serving consumers and businesses. It directly competes with M-DAQ/Wallex in cross-border payments and FX conversion, though M-DAQ focuses more on B2B/enterprise while Wise spans both B2B and consumer.

Broad incumbents

• Ripple (RippleNet): Ripple provides enterprise blockchain-based cross-border payment infrastructure for financial institutions. While its technology approach differs, it competes for the same enterprise cross-border payment and FX customers M-DAQ serves through Wallex and TRC.
• Corpay (formerly Western Union Business Solutions): Corpay is the NYSE-listed corporate payments division of FLEETCOR, offering cross-border payments, FX risk management, and treasury solutions. It competes with M-DAQ's 4XPro, TaaS, and HaaS offerings for mid-market and enterprise treasury customers globally.

Emerging players

• Verto: Verto is an emerging cross-border payments platform serving businesses in emerging markets with FX conversion and international transfers. It overlaps with M-DAQ's Wallex and Aladdin offerings in emerging market corridors.

Market position

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/m-daq-pte-ltd-163038038080
• LinkedInlinkedin.com/company/m-daq

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds4 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about M-DAQ Global