Closely related to this question and extending comment of R. van Dobben de Bruyn.
Working over $\mathbb{F}_p$ and all matrices of square $n \times n$.
Alice chooses invertible $X_A$ and non-invertible $M_A$ and makes public $P_A = X_A M_A$.
Bob chooses invertible $X_B$ and non-invertible $M_B$ and makes public $P_B = M_B X_B$.
Alice makes public $S_A=M_A P_B=M_A M_B X_B$.
Bob makes public $S_B= P_A M_B=X_A M_A M_B$.
To compute the shared secret $S = M_A M_B$, Allice compute $S=X_A^{-1} S_B$ and Bob computes $S=S_A X_B^{-1}$
Q1 What is complexity of breaking this crypto scheme, i.e. given $P_A,P_B,S_A,S_B$, find $M_A M_B$?
We are interested in choices of the matrices and the field for which breaking the scheme is hard.
We have four unknown matrices, set all their entries to variables.
We have four equations over matrices, two of which linear. From the linear equation eliminate variables using gaussian elimination, which leaves $2n^2$ quadratic equations.
We believe the set of solutions to be more than one and not all solutions lead to the shared secret.