SUNRATE, the Singapore-based payment and treasury management platform, announced last Friday that it has secured a payment business license in China following its successful acquisition of a 100 percent stake in Transfar Pay, a unit of Shenzhen-listed Transfar Group.

SUNRATE said in a statement that the RMB 315 million ($43.8 million) acquisition has received approval from relevant Chinese regulatory authorities.

This transaction had been previously announced by the Transfer Group in an exchange filing in April.

“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.

With the addition of this license, SUNRATE gains greater access to one of the world’s most important and dynamic markets.

This further complements SUNRATE’s regulatory presence in key jurisdictions including Singapore, Hong Kong SAR, the United Kingdom, and Indonesia, with further regulatory milestones in other jurisdictions to be announced in due course.

SUNRATE is a global payment and treasury management platform for businesses worldwide.

Since its inception in 2016, the firm has enabled companies to operate and scale both locally and globally in 190+ countries and regions with its cutting-edge proprietary platform, extensive global network, and robust APIs.

With its global business headquarters in Singapore and offices in Hong Kong, Jakarta, London, and Shanghai, SUNRATE partners with global financial institutions, such as Citibank, Standard Chartered, Barclays, J.P. Morgan and is the principal member of both Mastercard and Visa.

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