Asia-based B2B digital payments platform Sunrate has received In-Principle Approval (IPA) for a money services business licence from Bank Negara Malaysia.
By obtaining this licence, Sunrate intends to position Malaysia as its global operations centre and scale its team across the region. The company plans to support businesses across the country through cross-border payments and treasury solutions, enabling them to further advance their footprint and capabilities. Currently, Sunrate holds licences in Singapore, Indonesia, Hong Kong, the UK, and mainland China, delivering payment and treasury management services to businesses across these regions.
The decision to expand to Malaysia can be attributed to the country’s ability to develop global fintech operations that do not include access to the domestic markets. Back in 2016, Bank Negara Malaysia placed itself among the first agencies to roll out a regulatory sandbox, which has since become a comprehensive framework to conduct international fintech activities. Using Malaysia as a global operations location emphasises how the regulatory strategy of the region created a solid foundation for scaling internationally across the entire Southeast Asia.
In addition to Malaysia, Sunrate also entered Vietnam in August 2024, aiming to accelerate its growth across the Asian market. The company planned to drive efforts for expansion and foster collaboration across business units to identify market opportunities in emerging Asia. At that time, Sunrate launched its platform in Vietnam by forming strategic partnerships with local licensed and international financial institutions. The move was driven by customer demand and the substantial operational challenges faced by the SME segment across various industries.
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To support businesses worldwide, Sunrate rolled out, in January 2025, additional trading and hedging services, with the solutions being launched through Sunrate Markets Pte., a Capital Markets Services (CMS) licensed by the Monetary Authority of Singapore (MAS). The treasury solutions sought to support businesses by enabling them to conduct foreign exchange trading, implement hedging strategies, and introduce additional products.
