M-DAQ Pte Ltd, a Singapore-based financial technology startup, raised S$14.5m in Series B financing.
The round was led by GSR Ventures and Citi Ventures, a unit of global financial services company Citigroup. In conjunction with the funding, Ong Peng Tsin, GSR’s Advisor and Director of Banean Holdings, joined M-DAQ’s board of directors. GSR’s founding Managing Director – Dr Richard Lim and Citi Venture’s Asia Managing Director – Wei Hopeman also joined as Board Observers.
Led by Chairman Wong Joo Seng and CEO Richard Koh, M-DAQ provides a platform to price and trade any exchange-traded products in more than one currency by blending ‘executable’ FX rates into equities and futures products. its ecosystem is embedded within the traditional Securities Exchanges, combining the Foreign Exchange Interbank OTC product with Exchange-traded instruments to allow investors and fund managers to buy/sell/track/take profit of any foreign currency denominated securities in the local currency of their portfolio.