M-Daq appoints revenue head as new group CEO

M-Daq Global, a fintech group based in Singapore, has appointed Tan Choon Seng as its new group chief executive officer, effective May 13.

He will succeed Richard Koh, the company’s founder, who will transition to the role of non-executive chairman.

Koh, who co-founded M-Daq in 2009, will focus on board governance while pursuing a four-year PhD in business.

Tan joined M-Daq in January 2022 and has held various leadership roles, including general manager of operations and chief of staff.

In 2023, he became general manager of revenue, overseeing revenue strategies, partnerships, and business development across Singapore, Indonesia, China, and Japan.

M-Daq Global specializes in foreign exchange and cross-border payment solutions for businesses in the Asia-Pacific region. The company has over 300 employees.

🔗 Source: M-Daq Global

🧠 Food for thought

1️⃣ Fintech leadership transitions reflect industry maturation and competition

M-DAQ’s leadership change comes at a critical juncture in the cross-border payments industry, which is experiencing rapid transformation through technology and partnerships.

This transition pattern is common in maturing fintech companies that have achieved profitability, as they shift from founder-led innovation to operational scaling under experienced banking executives.

The timing is strategic, as 62% of banks are now partnering with fintech firms specifically to enhance cross-border payment capabilities, creating both opportunities and competitive pressure for specialized providers like M-DAQ 1.

Tan Choon Seng’s background in traditional banking (DBS and ING) mirrors a broader industry trend where cross-border payment companies are blending fintech innovation with established banking expertise to navigate increasing regulatory complexity.

This leadership evolution reflects how the $230 billion embedded finance market projected for 2025 is driving fintech companies to balance disruptive innovation with operational excellence 2.

2️⃣ Founder’s academic pursuit signals strategic knowledge investment

Richard Koh’s decision to pursue a PhD while maintaining board involvement represents an uncommon but potentially valuable strategic approach in the knowledge-intensive fintech sector.