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M-DAQ Raises S$14.5 in Series B Financing

2013-10-23
SINGAPORE, M-DAQ, a company working on a new Securities Exchange financial ecosystem, has raised a S$14.5 Series B financing round, led by GSR Ventures and Citi Ventures.
M-DAQ Pte Ltd, a financial technology company dedicated to beginning a world without currency borders within the global securities trading community, has recently announced it has raised S$14.5 million in Series B financing, led by GSR Ventures and Citi Ventures, a unit of global financial services company Citigroup. Together with previous rounds of funding, the company would have a fully paid-up capital of just under S$30 million.

Ong Peng Tsin, GSR's advisor and director of Bancan Holdings, joins M-DAQ's board of directors alongside Woo Joo Seng and Richard Koh. One of GSR's founding Managing Directors, Dr. Richard Lim, along with Citi Venture's Asia Managing Director, Wei Hopeman, also join as board observers.

M-DAQ helps create, operate and support a new ecosystem that is embedded within the traditional securities exchanges, combining the foreign exchange interbank OTC product with exchange-traded instruments and offering a seamless local-to-investor currency view of the listed securities. This allows the investors and fund managers to buy/sell/track/take profit of any foreign currency denominated securities in the local currency of their portfolio. It has the support of any foreign currency denominated securities in the local currency of their portfolio. It has the support of a community of top foreign exchange (FX) banks, which together accounts for 70 percent of the global FX markets.
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