Singapore-headquartered Sunrate debuts in Vietnam's payment landscape

This comes at a pivotal moment for Sunrate, as the company looks to strengthen its global footprint, especially in the Asia-Pacific region. The company has appointed Li Tao as head of growth. Reporting to co-founder Joshua Bao, Li Tao will drive the company’s efforts to spearhead growth initiatives and foster collaboration across business units to identify market opportunities in emerging Asia.

Strategically partnering with local licensed and global financial institutions, Sunrate chose to launch its platform in Vietnam due to strong customer demand and the major challenges that fast-growing small- and medium-sized enterprises (SMEs) are facing.

Sunrate offers cutting-edge global payment products and services, including international payments and global collection services, to facilitate cross-border business-to-business (B2B) payments that are fast, secure, transparent, compliant with regulations, and cost-effective for Vietnam businesses.

Joshua Bao said, “As the leading global cross-border B2B payment platform in emerging markets, we have been making steady progress, and by strategically appointing a senior leader with extensive experience like Li Tao, we are charting our path forward to continue empowering businesses worldwide and scaling both globally and locally.”

According to Vietnam's General Statistics Office, imports and exports in April 2024 reached $61.20 billion, an increase of 15 per cent from the same period in 2023, and the total trade in goods reached $238.88 billion, increasing by 15.2 per cent on-year, indicating that Vietnam is continuing to recover from 2023. "I’m brimming with excitement and optimism for the incredible phase that lies ahead," Bao stated.

“Our technology-first approach, coupled with our business development teams, which provide the high-touch customer service, are core to empowering businesses on their cross-border B2B payment needs, and Vietnam and the Asian region’s economic development is centred on digital trade," Tao said. "Our powerful proprietary tech engine and global network is an effective combination as businesses look to scale across borders or are interested in improving their cross-border business payment capabilities. I could not be more excited to partner with the talented Sunrate team and support new and existing customers as we expand our footprint in Asia.”

The rapid transformation of Vietnam's digital-payment landscape Vietnam's digital payment landscape is undergoing a remarkable transformation, driven by new regulations and innovative financial solutions.

AI becoming increasingly prevalent for e-payments The rising risks of cashless payment fraud have led banks to accelerate implementation of AI-driven security measures and biometric authentication to enhance transaction safety and protect consumers.

Visa makes it even easier for tourism payments Visa is offering quick, secure, and reliable contactless payments to facilitate a seamless travel experience for Vietnamese tourists.