M-DAQ Global Reports Full-Year 2025 Financial Results: Strategic Investments in ASEAN Payments Infrastructure and Advanced FX Capabilities Drive Long-Term Growth
July 28, 2026
28 July 2026, Singapore - M-DAQ Global, a leading Singapore-headquartered fintech group specialising in foreign exchange (FX) and cross-border payment solutions, today announced its financial results for the full year ended 31 December 2025. The performance reflects the company’s strategic focus on advancing its unified ASEAN payments infrastructure, expanding its licensing footprint, and enhancing its enterprise product capabilities.
Stronger Contributions from High-Value Enterprise Solutions and FX Innovation
Throughout FY2025, M-DAQ transitioned toward higher-quality revenue streams, supported by an expanded focus on enterprise solutions, cross-border payment flows, and enhancements to its FX suite with FX forward capabilities. Revenue for the year was S$39 million, reflecting M-DAQ’s deliberate focus on higher-value enterprise payment and FX solutions, customer quality and sustainable growth over transaction volume.
While overall revenue moderated, earnings quality improved across core metrics. Gross profit was S$21 million compared to S$24 million in the prior year, primarily reflecting a transition in customer and product mix as the Group continued investing in growth across ASEAN.
Despite lower total gross profit, Gross Profit Margin strengthened from 41.9% to 54.9%, improving by 13.0 percentage points year-on-year. While margin improvement remains an important outcome, this expansion was directly driven by the stronger contribution from M-DAQ’s higher-value enterprise payments and FX solutions, alongside ongoing investments in capability building.
Doubling Down on ASEAN Infrastructure
M-DAQ’s core focus is to build one of the region’s most comprehensive ASEAN payments networks, combining local collections, payouts, FX conversions and regulatory capabilities under a single platform. In the last 12 months, M-DAQ has doubled down on this strategy by continuing to invest in new corridors, expanding its regulatory licensing footprint across key regional markets, and consolidating its payment capabilities into a unified solution.
This includes integrating its payment capabilities from earlier acquisitions of EasyPay in Malaysia and Wallex in Indonesia under a single connectivity layer, while continually investing in new features such as AI-based onboarding capabilities. M-DAQ also initiated a strategic partnership with METech in 2025, the majority shareholder of a licensed payments service provider, PayME, in Vietnam. This culminated in a strategic integration in 2026, providing M-DAQ with direct access to local collection and payout rails natively in Vietnamese Dong (VND), reducing its reliance on third-party partners.
In 2025, M-DAQ also operationalised its Capital Markets Services license and launched FX forward solutions, extending its ability to help clients manage currency risk across their trading and treasury activities. Together, these investments strengthen M-DAQ’s competitive position, deepen client relationships, and support the delivery of sustainable, higher-quality earnings over the long term.
Tan Choon Seng, Group CEO of M-DAQ Global, said: "Our 2025 financial results reflect the deliberate transformation of M-DAQ into a more ASEAN-focused and enterprise-led business. While revenue and gross profit moderated as we prioritised higher-value opportunities over transaction volume, the quality of our earnings improved significantly, reflected in stronger gross profit margins. Over the past year we have continued to strengthen our local capabilities, regulatory presence and enterprise solutions across ASEAN. These investments have positioned us to better serve our customers and capture the significant long-term opportunities arising from growing regional trade and cross-border commerce in ASEAN.”
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