SUNRATE China Payment License Secured Through RMB315m Transfar Pay Deal

SUNRATE has secured a SUNRATE China payment license through its RMB315m (USD43.8m) acquisition of Transfar Pay from Shenzhen-listed Transfar Group. Approved by regulators, the deal gives SUNRATE direct access to China’s massive payments market and expands its global licensing portfolio alongside approvals in Singapore, Hong Kong, the UK, and Indonesia. Founded in 2016, SUNRATE operates in more than 190 markets, offering treasury and cross-border payment solutions in partnership with Citibank, Standard Chartered, Barclays, and J.P. Morgan. With its new SUNRATE China payment license, the fintech plans to pursue further approvals in other jurisdictions.