What do I need to know about Wallex's name change?

Our name has been legally changed to "M-DAQ Payment Solutions Pte. Ltd". Here's everything you need to know and what you need to do.

Question: Why is the company name changing? 

Answer:

The name change symbolises Wallex assimilating into M-DAQ Global, creating stronger opportunities to build innovative and cutting-edge cross-border solutions. It marks the start of a new chapter, one where we can begin to realize synergies by leveraging each other’s extensive expertise and resources to deliver even more comprehensive cross-border services in the future. 

However, nothing will change in terms of the Wallex platform or the excellent customer service that you have come to expect of us. We will continue to support your business’s cross-border payment needs. 

 

Question: What will the new company name be? 

Answer:

The new legal name for the Wallex brand will be M-DAQ Payment Solutions Pte. Ltd. 

 

Question: What if I have already made the bank account name change according to your earlier announcement?

Answer: 

You will have to make the bank account name change as the latest one is the most updated version. The bank account name used in the previous announcement will continue to be functional till 15 May 2024.

As a result, we highly recommend making the following changes by then: 

1. Update the DBS bank account name for your funding transfers from M-DAQ PAYMENT CLIENT ACCOUNT or WALLEX SEG CUSTOMER ACCOUNT to M-DAQ PAYMENT CUSTOMERS ACCOUNT
   
   
2. Inform your customers to update your DBS beneficiary account name from M-DAQ PAYMENT CLIENT ACCOUNT or WALLEX SEG CUSTOMER ACCOUNT to M-DAQ PAYMENT CUSTOMERS ACCOUNT
   
   Note: You do not need to do this if you have an SG-based Collections account in your company's name. Should you be unsure if you have a SG-based Collections account in your company's name, please contact your Account Manager. 

Our Account numbers will remain the same. 

Once you have performed the above, you can simply continue to use our platform the way you always have. Nothing further needs to be done beyond this.

 

Question: Will my login credentials remain the same? 

Answer:

Yes, your login credentials will remain unchanged. You will continue to login via www.wallex.asia to transact and receive the highest levels of service and support that you have come to expect of us. 

 

Question: How will this affect my ongoing transactions? 

Answer: 

Transactions will not be affected as long as the necessary changes are made to update our bank account name on both the Wallex funding account and Collections account – by 15 May 2024. The changes are: 

1. Update the DBS bank account name for your funding transfers from M-DAQ PAYMENT CLIENT ACCOUNT or WALLEX SEG CUSTOMER ACCOUNT to M-DAQ PAYMENT CUSTOMERS ACCOUNT
   
   
2. Inform your customers to update your DBS beneficiary account name from M-DAQ PAYMENT CLIENT ACCOUNT or WALLEX SEG CUSTOMER ACCOUNT to M-DAQ PAYMENT CUSTOMERS ACCOUNT
   
   Note: You do not need to do this if you have an SG-based Collections account in your company's name. Should you be unsure if you have a SG-based Collections account in your company's name, please contact your Account Manager. 

Our Account numbers will remain the same. 

Once you have performed the above, you can simply continue to use our platform the way you always have. Nothing further needs to be done beyond this.

 

Question: Do I need to update my account details? 

Answer: 

You simply need to update the bank account details for the funding of transfers and Collections account by 15 May 2024. The changes are: 

1. Update the DBS bank account name for your funding transfers from M-DAQ PAYMENT CLIENT ACCOUNT or WALLEX SEG CUSTOMER ACCOUNT to M-DAQ PAYMENT CUSTOMERS ACCOUNT
   
   
2. Inform your customers to update your DBS beneficiary account name from M-DAQ PAYMENT CLIENT ACCOUNT or WALLEX SEG CUSTOMER ACCOUNT to M-DAQ PAYMENT CUSTOMERS ACCOUNT
   
   Note: You do not need to do this if you have an SG-based Collections account in your company's name. Should you be unsure if you have a SG-based Collections account in your company's name, please contact your Account Manager. 

Our Account numbers will remain the same. 

That is all. Once you have performed the above, you can simply continue to use our platform the way you always have. Nothing further needs to be done beyond this.

 

Question: Will the company’s services remain the same? 

Answer:

Our full suite of services will remain available to you and unchanged. You can continue to log in to our platform by the same URL and access the same cross-border payment solutions and services.  

 

Question: Are there any legal implications for me as a customer? 

Answer:

The name change has zero legal implications for Wallex customers. Nothing will change in the way the platform works, and you can continue to use it the way you always have. 

 

Question: Will the company’s website change? 

Answer:

The website domain will not change. You will continue to use www.wallex.asia to sign in to the Wallex platform. 

 

Question: Can I still reach customer support using the same channels? 

Answer:

Yes. You can still reach customer support via email and mobile. Our team remains committed to supporting your cross-border payment needs and delivering top-notch service. 

 

Question: Is there an adjustment period for making the changes?

Answer:

The adjustment period will last till 15 May 2024. Until 15 May 2024, you will still be able to make transfers or collect funds with the old bank account names, which are either WALLEX SEG CUSTOMER ACCOUNT or M-DAQ PAYMENT CLIENT ACCOUNT.

We highly recommend making the necessary changes as soon as possible. Here are the steps you need to take: 

1. Update the DBS bank account name for your funding transfers from M-DAQ PAYMENT CLIENT ACCOUNT or WALLEX SEG CUSTOMER ACCOUNT to M-DAQ PAYMENT CUSTOMERS ACCOUNT
   
   
2. Inform your customers to update your DBS beneficiary account name from M-DAQ PAYMENT CLIENT ACCOUNT or WALLEX SEG CUSTOMER ACCOUNT to M-DAQ PAYMENT CUSTOMERS ACCOUNT
   
   Note: You do not need to do this if you have an SG-based Collections account in your company's name. Should you be unsure if you have a SG-based Collections account in your company's name, please contact your Account Manager. 

Our Account numbers will remain the same. Once you have performed the above, you can simply continue to use our platform the way you always have. Nothing further needs to be done beyond this. 

 

Question: Will the name change affect the process or fees associated with international money transfers? 

Answer:

There will be no additional fees on transactions. 

Customers who do not update the Wallex bank account details for funding transfers and Collections before the adjustment period ends on 15 May 2024 may be unable to complete their transactions. To prevent this from happening, please be sure to take the following steps: 

1. Update the DBS bank account name for your funding transfers from M-DAQ PAYMENT CLIENT ACCOUNT or WALLEX SEG CUSTOMER ACCOUNT to M-DAQ PAYMENT CUSTOMERS ACCOUNT
   
   
2. Inform your customers to update your DBS beneficiary account name from M-DAQ PAYMENT CLIENT ACCOUNT or WALLEX SEG CUSTOMER ACCOUNT to M-DAQ PAYMENT CUSTOMERS ACCOUNT
   
   Note: You do not need to do this if you have an SG-based Collections account in your company's name. Should you be unsure if you have a SG-based Collections account in your company's name, please contact your Account Manager. 

Our Account numbers will remain the same. 

That is all. Once you have performed the above, you can simply continue to use our platform the way you always have. Nothing further needs to be done beyond this. 

 

Question: Will there be any changes to the features or functionality of the payment solutions offered? 

Answer:

Our full suite of services will remain available to you and unchanged. There will be no differences in how you pay, get paid, or manage your funds. You can continue to use the Wallex platform like you always have.