Singapore · Payments & e-money
M-Daq Payment Solutions Pte. LTD
Legal name in the LEI recordM-DAQ PAYMENT SOLUTIONS PTE. LTD.
M-DAQ Payment Solutions Pte. Ltd. is a private company limited by shares, based in Singapore. The Monetary Authority of Singapore (MAS) licenses it as a Major Payment Institution under the Payment Services Act 2019. The licence covers account issuance, domestic money transfer, cross-border money transfer and e-money issuance. M-DAQ Global acquired the firm, then called Wallex Technologies Pte. Ltd., in August 2022, and the firm took its current name on 1 March 2024. Under the Wallex brand it offers businesses and fintechs cross-border payments, collection accounts, multi-currency e-money wallets and FX conversion.
Licences and registrations
Held by M-Daq Payment Solutions Pte. Ltd. (LEI 89450022IQ3T098O6Q36). 1 entry on 1 of the 22 tracked registers, retrieved 25 September 2026.
| Register | Licence | Number | Jurisdiction | Status | Registered | Ends | Activities | Register entry |
|---|---|---|---|---|---|---|---|---|
| MAS Financial Institutions Directory - Major Payment InstitutionMonetary Authority of Singapore (MAS)Linked by LEI. Matched by Elucidate to GLEIF on name, country and address. | Major Payment InstitutionPayment Institution | Not published by the register | Singapore | Active | — | — |
|
Search the register ↗ |
- Licences belong to the legal entity, not to a BIC.
- Each licence applies in the country of the regulator that granted it.
- Registers are tracked in 37 countries. Licences granted elsewhere are not recorded here.
- The register entries and their trading names were not matched against sanctions lists. The sanctions facts on this page cover the BIC and its LEI only.
Swift network
Swift’s ISO 9362 BIC directory
- BIC
- MDCPSGSGXXX head office
- Connection to Swift
- Connected to SwiftThis BIC is registered as a live address on the Swift network. The institution sends and receives Swift messages under MDCPSGSG directly.
- Swift GPI
- Not on the member list
- Payment schemes and systems
- No entry in the EPC registers, the ECB T2 and TIPS lists or the SIX Bank Master cites this BIC
- Branch codes
- None: head-office BIC only
- BIC first registered
- 2017-06-17
- Last updated
- 2026-07-30
Overview
Researched 29 Sep 2026 · Sources
Employees
Not published
Ownership
Group subsidiary
M-DAQ Global Pte. Ltd.
Firm type
FX and business payments
Trades as Wallex
- Standing
- Wallex Technologies Pte. Ltd. became M-DAQ Payment Solutions Pte. Ltd. on 1 March 2024. It continues to trade under the Wallex brand.
- Ownership
- The firm belongs to the M-DAQ Global group, which announced a full acquisition of Wallex in 2022 and describes Wallex as a business unit of M-DAQ Global Pte. Ltd.
- Direct parent
- M-DAQ Global Pte. Ltd., Singapore
- Head office
- 15 Playfair Road, #02-01 FGA @ Playfair, 367987 Singapore, Singapore
- Company register
- ACRA UEN 201511881E
- Incorporated
- 2015
- Founders
- Jody Ong · Hiro Kiga
- Former name
- WALLEX TECHNOLOGIES PTE. LTD.
Online
- Websites & references
- wallex.asia ↗
help.wallex.asia ↗ help centre
docs.wallex.asia ↗ API documentation
m-daq.com ↗ group website (M-DAQ Global) - Official social accounts
- LinkedIn ↗ · X ↗ · Facebook ↗ · Instagram ↗
Sources · 15 pages consulted
- eservices.mas.gov.sg/fid/institution/detail/218774-M-DAQ-PAYMENT-SOLUTIONS-PTE-LTD
- wallex.asia/
- wallex.asia/en-sg/licensings
- help.wallex.asia/how-is-wallex-regulated-in-each-country/region
- m-daq.com/terms-and-conditions/m-daq-multi-currency-account-and-payments-terms-and-conditions
- m-daq.com/licenses-and-registrations
- m-daq.com/our-leadership
- m-daq.com/products/payments
- m-daq.com/press-release/m-daq-appoints-new-group-ceo
- wallex.asia/en-sg/resources/news/wallex-has-evolved-were-now-m-daq-payment-solutions-pte-ltd
- m-daq.com/blog/wallex-technologies-pte-ltd-evolved-into-m-daq-payment-solutions-pte-ltd
- en.prnasia.com/releases/apac/m-daq-acquires-wallex-to-expand-its-cross-border-ecosystem-352093.shtml
- financemagnates.com/fintech/news/m-daq-completes-acquisition-of-wallex/
- help.wallex.asia/who-is-affected-by-this-change
- wallex.asia/en-sg/resources/faq
Authorisation
Researched 29 Sep 2026 · Sources
- Operates under
- Its own licences
The MAS licenses the firm as a Major Payment Institution under the Payment Services Act 2019, licence PS20200433. The licence covers account issuance, domestic and cross-border money transfer and e-money issuance.
| Authority | Licence or registration | Number | Held | Status | Source |
|---|---|---|---|---|---|
| Monetary Authority of Singapore Singapore | Major Payment Institution (Account Issuance Service, Domestic Money Transfer Service, Cross-border Money Transfer Service, E-money Issuance Service) | PS20200433 | In its own name | Active | eservices.mas.gov.sg ↗ |
Licences and registrations the research found, at home and abroad, as the firm and its regulators publish them. The Licences and registrations card shows the entries on the registers the directory tracks.
Partners and safeguarding
Researched 29 Sep 2026 · Sources
- Safeguarding
- Segregated safeguarding accountsUnder its terms and conditions, customer funds received for e-money are safeguarded under the Payment Services Act 2019. The funds are held in segregated bank accounts, separate from the firm's business accounts.
- Payment schemes and card networks
- Swift Access not stated wallex.asia ↗
Banks and regulated firms the firm says hold its customers’ money, issue its cards, sponsor its accounts or settle its payments, as it discloses them in its terms and notices.
Products and markets
Researched 29 Sep 2026 · Sources
According to its website, Wallex sends payments to more than 160 countries in 47 currencies, collects funds in 35 or 36 currencies through virtual accounts and holds balances in 13 currencies. It also offers an API for fintech partners.
The firm serves businesses under its Singapore licence. Affiliates in the M-DAQ group hold the Wallex licences in Indonesia, Hong Kong, Malaysia and Vietnam.
- Sells to
- Small businesses · Enterprises · Financial institutions · Platforms and marketplaces
- Serves customers in
- Singapore
- Latest funding round
- Series D · SGD 200m Aug 2021Led by Affinity Equity Partners
Leadership
Researched 29 Sep 2026 · Sources
- Chief executive
- Tan Choon Seng Group CEO, M-DAQ Global (named key personnel of the firm on the MAS register)
- Executive
-
Yoga S. Sugeharto
COO & Head, Payments Product (M-DAQ Global)
- Chief financial officer
-
Anthony Goh
Head, Finance (M-DAQ Global)
Recent events
Researched 29 Sep 2026 · Sources
-
Leadership
M-DAQ Global appointed Tan Choon Seng as Group CEO from 13 May 2025, succeeding founder Richard Koh, who became non-executive chairman.
m-daq.com ↗ -
Other
Wallex Technologies Pte. Ltd. changed its name to M-DAQ Payment Solutions Pte. Ltd. on 1 March 2024 after integration into M-DAQ Global.
wallex.asia ↗
Compliance-relevant events of the last three years, newest first: fines and enforcement, investigations, security incidents, licence changes, funding rounds, acquisitions and leadership changes. Each links to its source.
Identifiers
Head-office record
- BIC
- MDCPSGSGXXX
- How the BIC breaks down
- MDCPBank
- SGCountry · Singapore
- SGLocation
- XXXBranch · head office
- Branch description
- Not recorded in the directory
- LEI
- 89450022IQ3T098O6Q36
- LEI record
- View on GLEIF ↗
- How the LEI was matched
- BIC: Mapped to this BIC in the Swift and GLEIF BIC-to-LEI relationship file.Register entry: Matched by Elucidate to GLEIF on name, country and address.
- Register-entry ID
- 45f223360dac
Profile
- Type
- Payments & e-moneyPayment institutions, e-money and stored-value issuers, and account-information providers. Licensed under payment-services law (e.g. PSD2 in the EU and UK, the Payment Services Act in Singapore). Taken from the licences on the tracked registers.
- Regulation
- Prudential licenceAuthorised with capital, safeguarding and conduct requirements, e.g. an authorised payment or e-money institution in the EU or UK, a major payment institution in Singapore, or a MiCA crypto-asset service provider.
- Register licences
- 1 entry on 1 register
- Activities
- Money remittance
- Payment services
- E-money / stored value
- Licensed in
- Singapore
- Website (register)
- www.wallex.asia ↗
- Country · region
- Singapore · East Asia & Pacific
- Trading venues (MIC)
- No MIC registered under this LEI list of 2026-09-17
- OFAC sanctions
- No listing cites this BIC
- EU sanctions
- No listing matched this BIC or its LEI
- Country sanctions
- No country programme
Types come from Swift’s BIC classification, the licences on the 22 tracked registers, and the ECB and FSB bank lists. Most banks outside the euro area appear as financial institutions, because their supervisors’ registers are not tracked yet.
Ownership and group
GLEIF relationship records
GLEIF’s relationship records name no parent for this LEI, and no group page is published for it.
Addresses
- Registered address
- 15, PLAYFAIR ROAD FLOOR 2, FGA SINGAPORE 367987 SINGAPORE
- Operational address
- FGA FLOOR 2 15 PLAYFAIR ROAD SINGAPORE SINGAPORE 367987 SINGAPORE
ISO 20022 identification
As an agent in a Swift cross-border payment message (CBPR+)
A CBPR+ message identifies this institution by its BIC, and may add its LEI or a clearing code. CBPR+ does not allow a name and postal address next to a BIC.
- Identified by
- BIC, with its LEI
- Roles in CBPR+
- Any agent, including the instructing and instructed agents
CBPR+
For cross-border payments on Swift: the BIC, with the LEI and clearing code where known
<FinInstnId>
<BICFI>MDCPSGSGXXX</BICFI>
<LEI>89450022IQ3T098O6Q36</LEI>
</FinInstnId>Full record
Every ISO 20022 element the directory holds. Base ISO 20022 allows them together. CBPR+ does not allow a name and address next to a BIC
<FinInstnId>
<BICFI>MDCPSGSGXXX</BICFI>
<LEI>89450022IQ3T098O6Q36</LEI>
<Nm>M-DAQ PAYMENT SOLUTIONS PTE. LTD</Nm>
<PstlAdr>
<TwnNm>SINGAPORE</TwnNm>
<Ctry>SG</Ctry>
<AdrLine>15, PLAYFAIR ROAD FLOOR 2, FGA SINGAPORE 367987</AdrLine>
</PstlAdr>
</FinInstnId>The BIC, name and address are as published in Swift’s BIC directory. The LEI comes from the Swift and GLEIF BIC-to-LEI file. Check them against your own records before use.
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Sources & method
Every value comes from a public source, such as Swift’s ISO 9362 BIC directory, GLEIF or the OFAC and EU sanctions lists. Most sources are matched on a BIC or an LEI, not on a name.
Swift GPI membership is matched on names and is indicative. A missing sanctions match does not mean that no listing applies. Always screen against the official lists.
Register entries are not screened against sanctions lists. The sanctions facts on this page cover the BIC and its LEI only.
An institution is one entry in the directory: a BIC8 in Swift’s directory, or a firm on a tracked register that holds no BIC. Licences held by an institution with a BIC are shown on its page.
Read the methodology →Credits for this page
- MAS Financial Institutions Directory - Major Payment Institution—Monetary Authority of Singapore (MAS) · register ↗ as at 25 September 2026
- Overview, authorisation, partners, products, leadership and events—researched per institution by an AI model with web search, from the firm's own website, terms and filings, regulators' registers and notices, company registers and news. Licences, partners, figures, people and events link to their source, and each card shows the research date. AI research can be wrong or out of date, so check key facts at the source.
- Images—logos and photos from Wikimedia Commons (credited with their author and licence) or from the institution's own website, where Wikimedia has none. Elucidate keeps a copy of each; the links lead to the source and the original image. Logo: wallex.asia (official website) · original; Yoga S. Sugeharto: m-daq.com (official website) · original; Anthony Goh: m-daq.com (official website) · original.
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