Singapore-headquartered M-DAQ Global is acquiring Malaysia’s Easy Pay Transfers, while SUNRATE is launching in Vietnam. Meanwhile, Indonesia’s KLAR Smile is set to offer OTC dental products.
M-DAQ acquires Easy Pay Transfers
Singapore-headquartered fintech firm M-DAQ Global has announced its acquisition of Easy Pay Transfers, a licensed B2B payments service provider based in Malaysia.
Financial details of the acquisition were not disclosed. M-DAQ said the transaction will deepen its capabilities in local payments and expertise in foreign exchange across the region.
Per the announcement, the deal will see M-DAQ Global operating in Malaysia under a new entity tentatively called MDAQ Malaysia Sdn Bhd. The move aligns with M-DAQ Global’s strategy to facilitate seamless cross-border transactions across regional currency corridors, the company said.
M-DAQ, which provides foreign exchange-related risk management and consultancy services to financial services and e-commerce companies, reported a 22.5% increase in its 2023 revenue to S$59.04 million ($43.9 million).
SUNRATE appoints head of growth team
Cross-border payments and treasury management platform SUNRATE has announced its official launch in Vietnam, along with the appointment of Li Tao as its head of growth.
This comes at a pivotal moment for SUNRATE, as the company continues to strengthen its global footprint, especially the Asia-Pacific region. Reporting to the co-founder, Joshua Bao, Li Tao will drive the company’s efforts to spearhead growth initiatives and foster collaboration across business units to identify market opportunities in emerging Asia, according to a statement.
SUNRATE chose to launch its platform in Vietnam due to the strong customer demand and the major challenges that fast-growing SMEs across different verticals face in their operations, the statement read.
The company offers cutting-edge global payment products and services, including international payments and global collection services, to facilitate cross-border B2B payments that are fast, secure, transparent, compliant with regulations, and cost-effective for Vietnam businesses.
KLAR targets profitability in 2025
KLAR Smile, an AC Ventures-backed aesthetic dentistry tech startup, announced the upcoming launch of its over-the-counter dental products as part of efforts to reach profitability in 2025 by covering previously undertapped market.
KLAR is set to tap into Indonesia’s multi-billion children’s dental market with its new offerings such as kids-friendly sonic electric toothbrush and remineral to improve teeth enamel. The company is also introducing KLAR Remineral and multi-colour electric toothbrush for adults.
Previously known for its teeth aligner, KLAR has expanded its offerings to retail products such as electric toothbrush, tooth paste, and teeth whitening at the end of 2023. It has also added a new line to its aligner product, offering a more affordable choice.
Ellen Pranata, founder and CEO of KLAR Smile, said the firm has reached gross profit at product level but has yet to be profitable at EBITDA level. Pranata said KLAR is targeted to reach EBITDA positive by the third qurter of 2025.
