Global payment platform SUNRATE acquired a payment business license in China following its purchase of a complete stake in Transfar Pay, a subsidiary of Shenzhen-listed Transfar Group.
The RMB 315 million ($43.8 million) acquisition received approval from Chinese regulatory authorities. Transfar Group disclosed the transaction in an exchange filing dated April 1, 2025.
SUNRATE gains access to China’s payment market through the license, complementing its regulatory presence in Singapore, Hong Kong, the United Kingdom, and Indonesia.
The company said additional regulatory approvals in other jurisdictions will be announced later.
“This acquisition represents a step in SUNRATE’s commitment to enhancing our global licensing framework and ensuring compliant operations in all jurisdictions, whether through direct licensing or strategic partnerships,” said Paul Meng, SUNRATE co-founder.
The license provides SUNRATE with greater access to China’s payment market, one of the largest globally.
Chinese authorities have maintained strict oversight of payment services, requiring foreign companies to obtain local licenses or partner with licensed domestic entities to operate in the market.
Founded in 2016, SUNRATE operates a payment and treasury management platform serving businesses in more than 190 countries and regions.
The company maintains global headquarters in Singapore with offices in Hong Kong, Jakarta, London, and Shanghai.
SUNRATE partners with financial institutions including Citibank, Standard Chartered, Barclays, and J.P. Morgan. The platform holds principal membership status with both Mastercard and Visa payment networks.
The acquisition follows increased regulatory scrutiny of cross-border payment services in China, where authorities have tightened oversight of financial technology companies and foreign payment platforms.
Companies operating in China’s payment sector must comply with data localization requirements and other regulatory mandates.
SUNRATE’s expansion into China comes as demand grows for cross-border payment solutions among businesses conducting international trade.
The company provides payment processing, foreign exchange, and treasury management services through its proprietary platform and application programming interfaces.
