M-DAQ Appoints New Group CEO

‍[6 May 2025, Singapore] - M-DAQ Global — a leading fintech group specialising in foreign exchange and cross-border payment solutions — today announced the appointment of Tan Choon Seng as its new Group Chief Executive Officer, effective May 13, 2025. Choon Seng succeeds Richard Koh, the company's Founder and current Group CEO, who will transition to the role of Non-Executive Chairman, focusing on board governance. This planned move comes as Richard embarks on a full-time four-year PhD programme in Business, marking a new phase of academic pursuit.

A Legacy of Innovation and Transformative Growth

Since its founding in 2009, M-DAQ Global has marked over 15 years of significant milestones. A pivotal early achievement, spearheaded by Richard, was the September 2015 launch of a game-changing solution for global e-commerce platforms offering guaranteed foreign exchange (FX) rates. This innovation earned the company recognition at the inaugural Singapore MAS FinTech Awards in 2016.

Building upon this early success, and with the structure of M-DAQ Global’s products and solutions significantly shaped by four patents developed by Richard, his continued direction has paved the way for further significant achievements. This includes securing four institutional funding rounds in 2011, 2013, 2015, and 2021, resulting in a fully paid-up capital of S$213 million, and strategically expanding its reach through the acquisitions of Wallex and EasyPay. Under Richard’s leadership, M-DAQ Global’s sustained growth and impact have been consistently recognised, including its selection as an Enterprise Singapore Scale-Up company in 2023. Today, with a staff strength exceeding 300 across Asia Pacific, this momentum underscores the company's continued success.

Reflecting on his journey with M-DAQ Global, a company he founded alongside co-founders Wong Joo Seng and Noboru Takahashi, Richard said: "From our initial vision in 2009 with Joo Seng and Noboru to transform cross-border transactions, building M-DAQ has been an incredible journey. Choon Seng embodies the same dedication and drive that has brought us this far, coupled with exceptional professionalism and execution prowess, an impressive eye for detail, and a truly contagious passion. Having witnessed his impact on M-DAQ’s growth, and as I personally transition to focus on my doctoral studies, I have full confidence in him as my successor and in his ability to lead us towards our next phase of growth and value creation, further solidifying our position in the fintech landscape."

Leading M-DAQ into its Next Chapter

Choon Seng joined M-DAQ Global in January 2022, bringing a wealth of experience in the financial sector from an illustrious career spanning DBS Bank and ING. Choon Seng has held key leadership roles within M-DAQ Global, initially serving as General Manager of Operations and Chief of Staff. In 2023, he took on the expanded role of General Manager of Revenue and Chief of Staff, where he leads revenue strategies and is responsible for the oversight of partnerships and account management in Singapore, Indonesia, and Malaysia, as well as business development efforts in China and Japan.

Incoming Group CEO, Choon Seng, recognised Richard’s foundational vision and the established success of M-DAQ Global: "Richard’s visionary leadership since founding M-DAQ in 2009 has positioned the company as a true innovator in the fintech space. His guidance has led to notable accomplishments, including achieving profitability in 2018 — a remarkable feat for a hyper-growth startup processing billions in annual transactions — demonstrating the strong and sustainable business model he built. I am honoured to take on the role of Group CEO and look forward to building upon this foundation to drive future growth by strengthening M-DAQ's position as the leading cross-border solution for businesses."

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About M-DAQ Global  

M-DAQ Global is a pioneering fintech group specialising in foreign exchange (FX) & payment solutions that facilitate seamless cross-border transactions for businesses worldwide. Our proprietary technology empowers both institutional enterprise businesses and small and medium-sized businesses to navigate international trade with FX clarity, certainty, and payment mobility.  

Headquartered in Singapore with an expanding presence across 7 countries and territories, M-DAQ Global provides a comprehensive suite of FX, collections, and payment solutions, as well as value-added services such as AI-driven KYB onboarding and enhanced risk management solutions, enabling businesses to transact across borders with ease amidst evolving needs.  

For more information, please visit: www.m-daq.com.