Sunrate Receives Approval for Malaysian Payments Licence, Plans Kuala Lumpur Operations Hub

Sunrate, a Singapore-based B2B payments firm, has received in-principle approval from Bank Negara Malaysia for a money services business licence. The company plans to base its global operations centre in Kuala Lumpur and deepen its coverage in key Asia-Pacific markets. Sunrate offers multi-currency accounts, FX risk management tools, cross-border payouts, and virtual commercial cards. The licence drive follows an aggressive capital-raising campaign, with proceeds earmarked for geographic expansion, product development, and scaling operational capacity in regulated markets.

Sunrate, a Singapore-based B2B payments firm, has received in-principle approval from Bank Negara Malaysia (BNM) for a money services business licence. The company plans to establish its global operations centre in Kuala Lumpur, leveraging Malaysia's strategic location and supportive regulatory environment to deepen its coverage in key Asia-Pacific markets.

Sunrate offers a suite of services including multi-currency accounts, FX risk management tools, cross-border payouts, and virtual commercial cards, all aimed at corporates. The in-principle approval marks a significant step towards offering regulated cross-border payment and treasury solutions in one of Southeast Asia's most active trade corridors.

The licence drive follows an aggressive capital-raising campaign. In 2023, Sunrate closed a Series D-1 funding round led by Prosperity7 Ventures, the growth fund of Aramco Ventures, and quickly followed with a Series D-2 led by Peak XV Partners. Proceeds from these funding rounds will be used to expand geographically, develop new products, and scale operational capacity in regulated markets.

Sunrate's plans to base its global operations in Kuala Lumpur align with Malaysia's growing fintech ecosystem. The country's Money Services Business Act 2011 governs the sector, which is competitive and tightly regulated. Existing players like Merchantrade, Nium, and TerraPay have full local approvals, making Sunrate's in-principle approval a notable achievement.

BNM has been proactive in promoting Malaysia as a fintech-friendly jurisdiction, updating its regulatory sandbox framework in 2024 to accelerate approvals for innovative payment models. For Sunrate, winning a Malaysian licence would provide an operational base with strong trade flows to China, ASEAN, the Middle East, and Europe, serving both local SMEs and multinational corporates.

References:
[1] https://financefeeds.com/sunrate-secures-initial-nod-for-malaysian-payments-licence-plans-kl-ops-hub/
[2] https://fxnewsgroup.com/forex-news/payments/ant-international-receives-bank-negara-malaysia-class-a-money-services-business-licence/