Published on
June 25, 2021

As business soars above annualised GTV of US$1 billion with rapid monthly growth, Wallex Technologies expands its management team

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New CCO, CTO, and Group Head of Compliance to accelerate scale and drive international growth

Left to Right : Jody Ong, Triono Dawis (Amand Ventures), Hiroyuki Kiga and Andy Putra at the launch of Wallex Indonesia

Wallex Technologies exceeded annualised GTV of more than US$1 billion within months of its Singapore and Indonesia launch and its pre-Series A led by BEENEXT. Wallex's B2B-focused, FX and cross-border payments business, continues to grow at a rapid rate with more than 20% month on month growth.

Wallex's new senior officers bring deep domain experience to each of their respective roles that will enhance Wallex's management team as it prepares to scale up its business and expand internationally.

The senior appointments are Anthony Man as the Chief Commercial Officer and Country Head of Singapore, Andrew Marchen as the Chief Technical Officer, and Christopher Liu as the Group Head of Compliance. The senior hires are all based in Singapore.

"As a Singaporean company, Wallex is at the intersection of three areas where Singapore is a global leader - international trade, fintech innovation and foreign exchange trading. This forms an ideal base to grow our B2B-focused, FX and cross-border payments business. We plan to build on our existing strengths in Singapore and Indonesia and to strategically expand our locations to other key Trade and FX centers." -- Jody Ong, CEO and Co-Founder of Wallex.

Anthony Man, the new Chief Commercial Officer and Country Head Singapore, is responsible for driving Wallex's commercial product offering, business partnerships and international expansion and for managing Wallex's expanding Singapore team. Anthony brings a broad skillset and international perspective from his professional, financial services and management experience. These will prove invaluable as Wallex continues its rapid growth and international expansion. Anthony held previous roles in the UK, Hong Kong and Singapore as a lawyer, an investment banker and in sales and trading, most recently at Goldman Sachs. Prior to joining Wallex, Anthony was Chief Strategy Officer at an Indonesian, SME focused P2P lending platform.

Andrew Marchen, the new Chief Technology Officer, is responsible for developing and enhancing Wallex's technology platform and channels that will help take the business to an industrialised scale. Prior to joining Wallex, Andrew has held a number of technology and innovation roles, and was previously Chief Architect at the NCS Group, a multinational IT and communications company acquired by Singtel.

Christopher Liu, the new Group Head of Compliance, is responsible for developing Wallex's compliance framework. Christopher's extensive AML experience and professional judgement will help to ensure that Wallex adheres to internationally mandated requirements. Before joining Wallex, Christopher had a 15 year career at Citibank where he was Regional Head of AML for their consumer/SME business. Combined with 3 years at the Commercial Affairs Department, Christopher provides Wallex with specialised experience in AML and Compliance risk management.

"We are very excited to have our new management team as partners for the next stage of our journey. The collective experience they bring and the common values we share will help propel our international growth. Expanding Wallex's networks will also enable us to provide our cost effective, customer-centric services to customers internationally and enhance our business capabilities. Besides Southeast Asia, we are targeting expansion to HK, as a gateway to MainlandChina, and Japan in the coming year to tap into intra-Asia and global trade-flows, and to gain exposure to the world's 2nd and 3rd largest economies." - Hiroyuki Kiga, COO and Co-Founder of Wallex.

Wallex addresses the pain points of fx and international payments via its B2B-focused, online platform with a volume based pricing model. By providing better exchange rates, better transfer fees, and better customer service, Wallex helps its SME customers to take their money further.

Wallex is regulated by both the Monetary Authority of Singapore (MAS) and Bank Indonesia (BI), having obtained a Money Transfer License from BI in November 2018 and a Remittance License from the MAS in July 2018.

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