FX industry veteran Marco Baggioli has been promoted to take up the role of chief operating officer (COO) and general manager for business development at M-DAQ, an Alibaba-backed Singapore-based fintech.

The promotion comes barely eight months after Baggioli has joined the firm. BNP Paribas’ former global head of FX prime brokerage joined M-DAQ in March as general manager for business development and chief of staff in the chief executive office.

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M-DAQ is one of the established fintechs in South Asia, valued at more than $200 million in 2018. In 2015, it received an investment from Ant Financial, the Alibaba affiliate that runs its payment gateway Alipay, as part of its $87 million Series C fundraising round.

Baggioli will leverage his vast experience to help to sell the M-DAQ suite of FX products, including a guaranteed-rate conversion service, to a network of top-tier corporates in Asia and building new business relationships. These products include Aladdin, a technology that allows e-commerce platforms to make cross-border transactions less costly and with more predictable rates for merchants.

Baggioli has nearly three decades of experience in the FX industry. His most prominent role in the retail space had been with ADSS Group, formerly ADS Securities. He joined the firm in 2015 during a time when the heavyweight brokerage shifted focus towards the Middle East and relocated to Abu Dhabi.

Prior to joining ADS Securities as COO, he spent six years as head of FX prime brokerage and head of OTC clearing at BNP Paribas. Before his long stint with the French lender, Baggioli held a similar role at Deutsche Bank, as head of FX PB Sales for Europe and Asia-Pacific. At the early stage of his career, which dates back to 1990, he held a number of senior institutional sales roles at Merrill Lynch and JP Morgan, where he acted as head of fixed income and prime brokerage for the EMEA region.