Tan Choon Seng to Succeed Richard Koh as M-DAQ Group CEO

Fintech company M-DAQ Global has announced the appointment of Tan Choon Seng as its new Group CEO, effective 13 May 2025.

Tan will succeed Richard Koh, the company’s founder, who is stepping down from the Group CEO role to become Non-Executive Chairman and pursue a full-time PhD in Business.

In this new role, Koh will focus on board governance.

He joined M-DAQ in January 2022, holding positions including General Manager of Operations and Chief of Staff, and later General Manager of Revenue and Chief of Staff.

Tan was overseeing areas such as revenue strategy, partnerships, and business development in several key Asian markets.

His previous experience includes roles at DBS Bank and ING.

Richard Koh founded M-DAQ in 2009 alongside Wong Joo Seng and Noboru Takahashi.

Under his leadership, the company, which specialises in foreign exchange and cross-border payment solutions, launched a guaranteed FX rates solution for global e-commerce platforms in 2015, a product that was recognised at the inaugural MAS Fintech Awards in 2016.

The company went on to secure multiple funding rounds, raising a total of S$213 million in paid-up capital between 2011 and 2021, and acquired companies like Wallex and EasyPay.

The company also reported achieving profitability in 2018.

M-DAQ currently employs over 300 staff across the Asia Pacific region.

Richard said,

“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.”

Tan added,

“Richard’s visionary leadership since founding MDAQ 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.”

Featured image credit: Edited from Freepik