Singapore-based fintech company M-DAQ Global has appointed Tan Choon Seng as its new Group Chief Executive Officer, effective May 13, 2025, as founder and current CEO Richard Koh transitions to the role of Non-Executive Chairman.
The leadership change marks a strategic shift as Koh, who co-founded M-DAQ in 2009, embarks on a full-time doctoral program in business.
Under his tenure, M-DAQ became known for its pioneering foreign exchange and cross-border payment solutions, particularly its guaranteed FX rate service for global e-commerce platforms launched in 2015.
The company has since raised four institutional funding rounds and grown its capital base to S$213 million.
M-DAQ also expanded regionally through the acquisitions of Wallex and EasyPay and was selected as an Enterprise Singapore Scale-Up company in 2023. The firm now employs over 300 people across Asia Pacific.
Tan joined M-DAQ in 2022 after senior roles at DBS Bank and ING. Most recently, he served as General Manager of Revenue and Chief of Staff, leading business development across Southeast Asia and East Asia.
His appointment is seen as a continuation of M-DAQ’s momentum in scaling its FX solutions for enterprise clients.
Tan said he would focus on accelerating growth and reinforcing M-DAQ’s market position. Koh expressed full confidence in his successor’s ability to lead the firm into its next chapter.
The leadership transition underscores M-DAQ’s intention to deepen its regional footprint and continue innovating within the cross-border financial infrastructure space.
Business News Asia