M-DAQ Appoints New Group CEO

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.”