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M-DAQ will be working with Samsung to bring its cross-border payments and currency trading solutions across South Kore and East Asia.
M-DAQ, a Singapore-based FinTech startup has added a new feather to its cap by receiving backing from Samsung Venture Investment Corporation. The Korean tech giant’s investment wing has recently joined other investors in M-DAQ’s pre-series D round.
As per the Bloomberg report, the FinTech startup’s valuation has doubled to S$500 million, post the Samsung backing. Its previous valuations stood at S$250 million in November 2015.
However, the exact amount invested by Samsung hasn’t been disclosed by M-DAQ. Along with Samsung, there were other big backers for M-DAQ including Ant Financial, EDBI, GSR Ventures, and Vickers Venture. In the latest statement to The Investor, M-DAQ said:
“Samsung is a key investor who will be facilitating our strategic expansion in Korea within the Samsung ecosystem and externally as well. We are looking forward to supporting the Samsung Group’s diverse and international businesses with increased FX management capabilities. Samsung’s investment is a clear statement of belief in our vision and solutions and we are grateful for their continued support as we continue to expand into new markets and business verticals.”
Promoting Cross-Border Payment Solutions In East Asia
This massive investment comes as both the companies – M-DAQ and Samsung Venture – plan to soon roll-out M-DAQ’s cross-border payments and currency trading solutions across South Korea.
Ever since it was founded in 2010, M-DAQ has been providing cross-border business to several different industries. M-DAQ provides its partners with this platform through support from global foreign exchange providers and also through its proprietary data technology. M-DAQ’s proprietary helps customers to settle physical and financial assets in their preferred currency.
Over the last nine years, M-DAQ has worked with popular companies like CGS-CIMB, TMall, CYS Global Remit, Taobao, AliExpress, and others. Speaking about its investment in M-DAQ, Samsung Venture Investment said:
“We strongly believe that M-Daq’s Aladdin cross-border solution, the guaranteed rate e-commerce multi-currency pricing solution, will help online platform companies fundamentally change the way they do business.”
Let us remind you that Samsung Venture Investment is an investment arm of the Korean tech giant Samsung. This platform focuses on investing across different fields like IT, internet services, semiconductors, content, biotechnology, and much more.
As for other fintech news from Singapore, its central bank – Monetary Authority of Singapore (MAS) – established collaboration with Wall Street giant JP Morgan and Temasek. They will work together to develop a blockchain-based prototype for international multi-currency payments.