Singapore- based financial tech startup M-DAQ today announced it raised a S$14.5 million ($11.7 million) Series B round of funding led by GSR Ventures and Citi Ventures. With the its previous rounds, the company’s total capital comes to S$30 million ($24.2 million).
M-DAQ’s technology makes cross-border securities trading more efficient. Because currency exchange rates are determined by the market, not the brokers, volatility often discourages investors from putting money into foreign securities. Once the software is embedded into a security exchange, investors can trade in their own currency without worrying about profits eroding due to uncertainty in exchange rates.
M-DAQ claims to solve this problem by allowing investors to buy, sell, track, and take profits from any foreign currency denominated in the local currency of their portfolio. M-DAQ entered into a 15-year agreement with the top 10 globally listed security exchanges by market cap to deploy their ecosystem. M-DAQ says it has support from a community of foreign exchange banks that accounts for 70 percent of global foreign exchange markets.
(Editing by Terence Lee)
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