Wallex
Wallex is a Singapore-headquartered B2B cross-border payments and FX platform serving Asian SMEs, mid-market firms, and fintechs with licensed payments in Singapore, Hong Kong, Indonesia, and Malaysia.
- Company typePrivate
- Founded2015
- HeadquartersSingapore, Singapore
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Wallex does
Wallex (legally M-DAQ Payment Solutions Pte. Ltd.) is a Singapore-headquartered B2B cross-border payments and FX platform targeting SMEs, mid-market companies, and fintechs across Asia. The company operates licensed payment institutions in Singapore (MAS Major Payment Institution, license PS20200433), Hong Kong (MSO, HKCE19-12-02935), and Indonesia (Bank Indonesia, license 20/235/DKSP/83), with a 2024 launch into Malaysia, and is the cross-border payments business unit of M-DAQ Global. Its platform unifies international payments in 47 currencies, virtual collection accounts in 36 currencies, a 13-currency multi-currency wallet, FX conversion at near mid-market rates powered by M-DAQ's in-house FX engine, bulk payouts to up to 200 beneficiaries, and a cash management feature offering up to 2.5% p.a. returns on SGD and USD balances.
The technology stack centers on M-DAQ's proprietary FX and liquidity engine and includes SWIFT gpi MT103 transaction tracking, maker-checker approval workflows, and a modular API (Wallex API) plus a white-label remittance platform (Wallex XIP) that lets fintech partners launch remittance applications in approximately two weeks. Wallex distributes through a hybrid GTM: a self-serve online platform with Singpass-enabled onboarding for SMBs, a direct sales motion with dedicated 24/7 account managers for enterprise customers, and an API-first inside-sales motion for fintech partners. According to the company, 35,000+ customers have moved $27B+ through the platform.
Wallex monetizes via transaction-based fees on payments, collections, and FX conversions under a pay-as-you-go model with no subscription or monthly minimums and volume-based discounts. Customer concentration appears distributed across industries including restaurants (Marugame Udon), e-commerce enablers (SIRCLO, Investree), logistics (La Cosecha), hospitality (HMNS), import/export (3KOM), and fintech (Syfe), supported by a small headcount of 11–50 consistent with an asset-light transaction-processing model. No AI/ML capabilities, patents, or research initiatives are disclosed in the available data.
Wallex firmographics
Firmographics- Name
- Wallex
- Legal name
- M-DAQ Payment Solutions Pte. Ltd
- Website
- https://wallex.asia
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Wallex is a Singapore-headquartered B2B cross-border payments and FX platform serving Asian SMEs, mid-market firms, and fintechs with licensed payments in Singapore, Hong Kong, Indonesia, and Malaysia.
- Ownership category
- akta.pro rank
Wallex industry classification
Industry- Product category
- Cross-Border Payments & FX Platform
- NAICS
- Depository Credit Intermediation (5221)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- SME & Business Cross-Border Payments (B2B) (FSAMAIAB)
- akta.pro secondary industries
- Cross-Border FX, Multi-Currency & Treasury for Payments (FSAGABAK), Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE), Alternative Payment Methods (APM) Enablement (Wallets, A2A, Local Rails) (FSAGABAJ)
Keywords
Where Wallex is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices4 records
Markets served
Wallex business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others
Revenue model
- Transaction-based payments: Wallex charges fees on a per-transaction basis when customers make international payments, collections, or currency conversions. There are no membership or subscription fees, and volume-based discounts apply for higher transaction volumes.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Wallex Business Account - Single account connecting to FX and payment services |
| Transaction based/ take rate | Pay-as-you-go | Global Payments - Cost-effective cross-border payments |
| Transaction based/ take rate | Pay-as-you-go | International Collections - Virtual account collection service |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels6 records
Wallex product offering
Product offeringCore offering
Wallex is a B2B cross-border payments and FX platform serving businesses in Asia. It offers a unified multi-currency business account enabling international payments in 47 currencies, virtual international collection accounts in 36 currencies, multi-currency wallet holding 13 currencies, FX conversions at near mid-market rates, and bulk payouts to up to 200 beneficiaries. The platform also provides a modular API and white-label remittance infrastructure (Wallex XIP) for fintech partners, with regulatory licensing across Singapore (MAS), Indonesia (Bank Indonesia), Hong Kong (MSO), and Malaysia.
Product overview
Wallex is an international FX and payment solutions platform offering a unified multi-currency business account with modular components. The core platform comprises Global Payments (cross-border transfers in 47 currencies), International Collection (virtual accounts in 35-36 currencies), Multi-Currency Wallet (13-currency holding), and FX Conversion (near mid-market rates). Additional modules include Cash Management/Earn (up to 2.5% p.a. returns), Bulk Payments (200 beneficiaries per transfer), Wallex API for fintech integrations, and Wallex XIP for white-label remittance solutions. The platform is licensed and regulated in Singapore, Indonesia, and Hong Kong.
Differentiator
Problem solved
Functional benefit
Products and services
- Global Payments Cross-border payment solution enabling international payments in 47 currencies with same-day transaction settlements in over 20 top global and Asian currencies including SGD, IDR, HKD, USD, GBP and EUR. Designed for businesses paying overseas partners and running international payroll.
- International Collection Virtual accounts solution allowing businesses to receive overseas payments in 36 currencies (USD, GBP, EUR, SGD, IDR) as if operating a local currency bank account. Includes Philippine Peso (PHP) virtual account capability introduced in October 2024.
- Multi-Currency Wallet Wallet solution for holding and managing 13 top global and Asian currencies, connected to global payment tools, FX conversions, and virtual accounts for complete cross-border functionality.
- FX Conversion Foreign exchange service enabling conversions across 47-48 currencies at near mid-market rates with real-time execution powered by M-DAQ's in-house FX engine and a global network of liquidity providers.
- Cash Management (Earn) Cash management feature enabling users to earn up to 2.5% p.a. returns on funds deployed from their Wallex Wallet, with deposit and withdrawal requests processed within one business day.
- Wallex API Modular and customisable payment API enabling fintechs to integrate cross-border payments, remittance processing, customer screening, and global collection account services into their tech ecosystem.
- Wallex XIP White-label remittance platform solution enabling partners to launch their own remittance application in two weeks, powered by Wallex's modular and robust tech stack.
Quantifiable outcome
- Reduced international transfer fees by 50-60% for restaurant chain
- +3 more outcomes
Companies that use Wallex
Customer profileNamed customers8 records
Segments3 records
Ideal customer profiles2 records
Wallex technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
Wallex partnerships and signals
Strategic signalScale indicators6 records
Recent moves6 records
Expansion highlights5 records
Wallex competitors and assessment
Company assessmentDirect peers
- Airwallex: Airwallex is a global B2B cross-border payments and FX platform headquartered in Hong Kong with deep Asian presence. It directly competes with Wallex in serving SMEs and fintechs with multi-currency accounts, FX conversions, and cross-border payments across Asia and globally, and is the most direct comparable in the segment.
- Wise (formerly TransferWise): Wise is a publicly listed cross-border payments and multi-currency account provider serving consumers, SMEs, and enterprises globally. It directly competes with Wallex on near mid-market FX rates, multi-currency wallets, and cross-border payments, and is a benchmark for transparent FX pricing in the SMB segment.
- dLocal: dLocal is a Nasdaq-listed cross-border payments platform focused on emerging markets, enabling merchants to collect and pay out in 40+ emerging market currencies. It overlaps with Wallex in Asian emerging market payment corridors (particularly Indonesia, Philippines, Thailand) and the broader emerging-market FX/payments value proposition.
- NIUM: NIUM (formerly InstaReM) is a Singapore-based cross-border payments and BaaS platform offering remittance, card issuance, and global accounts for fintechs and businesses. It competes head-to-head with Wallex's API-driven fintech offering (Wallex XIP) and serves a similar Asian fintech client base.
- Payoneer: Payoneer is a publicly listed cross-border B2B payment and multi-currency account provider serving SMBs, freelancers, and marketplaces globally. It competes with Wallex in cross-border payouts, FX, and multi-currency business accounts for SMEs with international payment needs.
- OFX: OFX is an ASX-listed cross-border payments and FX provider serving SMBs, individuals, and online sellers with international money transfers and currency risk management. It competes with Wallex on FX-forward and spot cross-border payments for SME and mid-market clients.
Emerging players
- Currencycloud: Currencycloud (now owned by Visa) provides cross-border FX and multi-currency account infrastructure via APIs to banks and fintechs. It is comparable to Wallex's API and Wallex XIP white-label offering, though it focuses more on bank/fintech infrastructure than direct SMB distribution.
Regional players
- PingPong Payments: PingPong is a cross-border payment platform primarily serving Chinese cross-border e-commerce sellers with FX and multi-currency payouts. While more focused on China-out corridors, it overlaps with Wallex's cross-border FX/payments value proposition for e-commerce-enabled SMEs and supports CNY, IDR, and other Asian corridors Wallex also serves.
- LianLian Global: LianLian Global is a China-based cross-border payment platform serving Chinese exporters and importers with multi-currency collections and FX services. It is comparable to Wallex in the SME cross-border B2B payments space across Asia, particularly in CNY-related corridors and Southeast Asian market entry.
Broad incumbents
- Revolut Business: Revolut Business offers multi-currency business accounts, FX, and international payments as part of Revolut's broader consumer and business fintech ecosystem. It competes with Wallex on multi-currency wallets, FX conversions, and cross-border payments for SMEs, and is rapidly expanding into Asian markets including Singapore.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Wallex social profiles
Digital presenceWallex compliance and trust
Trust signalCompliance3 records
Wallex financial estimates
Financial estimateRevenue estimate
Valuation estimate
Wallex leadership team
Management profileNumber of profiles
Profiles2 records
Wallex funding detail
Funding detailFunding overview
Funding rounds2 records
Investors10 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Wallex M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Wallex
What does Wallex do?
Wallex is a B2B cross-border payments and FX platform serving businesses in Asia. It offers a unified multi-currency business account enabling international payments in 47 currencies, virtual international collection accounts in 36 currencies, multi-currency wallet holding 13 currencies, FX conversions at near mid-market rates, and bulk payouts to up to 200 beneficiaries. The platform also provides a modular API and white-label remittance infrastructure (Wallex XIP) for fintech partners, with regulatory licensing across Singapore (MAS), Indonesia (Bank Indonesia), Hong Kong (MSO), and Malaysia.
Is Wallex a public or private company?
Wallex is a private company. It is classified as corporate owned and is currently operating.
When was Wallex founded?
Wallex was founded in 2015. It employs 11 to 50 people.
Where is Wallex based?
Wallex is headquartered in Singapore, Singapore, in the Asia region.
How does Wallex make money?
One revenue line is on record: transaction-based payments.
Who are Wallex's main competitors?
Direct peers on record are Airwallex, Wise (formerly TransferWise), dLocal, NIUM, Payoneer and OFX. Currencycloud is listed as an emerging player. Regional players are PingPong Payments and LianLian Global. Revolut Business is listed as a broad incumbent.
Does Wallex have an API?
Yes. Wallex Payments API offers modular and customisable services for cross-border payments, enabling remittance processing, global collection accounts setup, and FX services. The API allows fintechs to integrate borderless FX and payments solutions into their tech ecosystem with support from FX specialists. Wallex XIP enables partners to launch their own remittance app in two weeks using the platform. Developer documentation is at docs.wallex.asia.
What industry is Wallex in?
Wallex's product category is Cross-Border Payments & FX Platform. Its primary akta.pro industry code is FSAMAIAB, SME & Business Cross-Border Payments (B2B), with a secondary code of FSAGABAK, Cross-Border FX, Multi-Currency & Treasury for Payments. Its NAICS code is 5221 and its SIC code is 6199.