M-Daq chases bigger clients as revenue falls, losses grow

Singapore-based fintech firm M-Daq Global is making a bigger push into the enterprise market as it looks to reignite growth after revenue fell for a second consecutive year in 2025.

It is also chasing higher-value FX and payments services even as it seeks to expand across Southeast Asia.

The company reported US$30.2 million in revenue for 2025, down 32% from the previous year, its latest audited financial statements show. Meanwhile, its loss before income tax widened 67% to US$11.9 million.

M-Daq provides currency exchange services to firms so they can manage FX risk particularly on cross-border transactions. It also provides payments services to help businesses collect and make cross-border payments in local currencies. Its site lists AliExpress, JD.com, Aspire, and Grab as customers.

Tan Choon Seng, group CEO of M-Daq Global, describes 2025 as a year of “realignment and building.”

Last year, financial services clients overtook ecommerce to become the larger sector by revenue, at US$16.1 million.

Tan says, however, that the decline in ecommerce earnings does not mean the firm is moving away from the sector. Instead, the company is focusing on serving enterprise customers with larger cross-border payment needs.

“This shift is best understood as a change in client segment rather than sector,” Tan tells Tech in Asia.

“Higher quality” revenue

Despite the wider losses in 2025, Tan says M-Daq’s gross margin improved 13% to 54.9%, a result of the firm’s focus on “higher -quality revenue” from enterprise customers.

The company’s two main revenue streams are payments revenue from facilitating cross-border money transfers, and FX revenue from currency conversion and hedging services.

CEO Tan says the firm’s enterprise payments segment has “performed strongly,” with sustained demand for FX hedging solutions.

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