SUNRATE, a global payments and treasury management platform, has obtained a payment business license in China through the acquisition of a 100% stake in Transfar Pay, a subsidiary of the Shenzhen-listed Transfar Group.
The transaction, valued at RMB 315 million (US$ 43.8 million), has been approved by the relevant Chinese regulatory authorities.
The deal was previously disclosed by Transfar Group in an exchange filing dated 1 April 2025.
“This acquisition represents a strategic step in SUNRATE’s ongoing commitment to enhancing our global licensing framework and ensuring compliant operations in all jurisdictions, whether through direct licensing or strategic partnerships,”
said Paul Meng, co-founder at SUNRATE.
The new license strengthens SUNRATE’s access to the Chinese market and follows the company’s recent approval to operate as a licensed remittance provider in Malaysia.
Together, these developments add to SUNRATE’s existing regulatory presence in Singapore, Hong Kong SAR, the UK, and Indonesia.
The company noted that further regulatory milestones in other jurisdictions are expected in due course.
Founded in 2016, SUNRATE is headquartered in Singapore with offices in Hong Kong, Jakarta, London, and Shanghai.
Featured image credit: Edited by Fintech News Hong Kong, based on image by Dominic Kurniawan Suryaputra via Unsplash