Samsung Invests in Singapore FinTech Startup M-DAQ

Singapore fintech startup M-DAQ has won the backing of Samsung Group’s venture capital fund in a bid to expand in South Korea and beyond.

The company, however, did not disclose the exact amount of Samsung’s investment.

According to Bloomberg, the company’s valuation will exceed $368 million up from $250 million in November 2015. This will be made possible by Samsung’s investment.

“Samsung is a key investor who will be facilitating our strategic expansion in Korea. This will happen within the Samsung ecosystem and also externally as well,” said a report released by the FinTech firm.

Apart from Samsung, other backers of M-DAQ include Ant Financial, EDBI, GSR Ventures, and Vickers Venture.

M-DAQ Pte Limited provides financial technology services. The Company offers a platform that prices and trades exchange-traded products in a multitude of currencies. This is made possible by blending foreign exchange rates into equities and futures products. It also works with companies such as Taobao, AliExpress, TMall, CGS-CIMB, and CYS Global Remit.

Samsung Venture is an investment arm of Samsung Group. It invests in companies focused on semiconductors, IT, software, internet services, biotechnology, and content.

Singapore Ranked World’s Most Competitive Country

Kenya and Singapore agree to partner in developing digital infrastructure