- Sunrate, a provider of financial technology services, has confirmed that it will be strengthening its partnership with Mastercard.
- The partnership is set to help clients of Sunrate transfer cash effectively to five major economies in Asia.
- “Our collaboration with Mastercard will allow our customers to focus on what is more important in their scaling journey, such as localisation efforts and potentially establishing new revenue streams for their businesses,” said a senior spokesperson for SUNRATE.
Sunrate, a provider of financial technology services, has confirmed that it will be enhancing its fast money transfer partnership due to a new link with Mastercard.
Sunrate said it would be working with the payments giant on a new push to improve cash sending in East Asia. The new arrangement will offer one safe and centralised point of access to allow for money transfers to be made.
Clients of Sunrate will be permitted to transfer cash in this way to five major economies in Asia, including China, Vietnam, Thailand, Malaysia and the Philippines.
It comes after Sunrate was told by Mastercard back in 2020 that it would be given what is known as principal membership, which means it can go straight into Mastercard’s global payments system. It can also access Mastercard resources in this way.
Qincheng Wang, Head of Product at SUNRATE, said “We have a vision for Sunrate to be the go-to B2B payment and treasury management platform, especially for emerging markets.”
He added that Mastercard’s cross-border services system could offer a high level of flexibility.
“As such, the flexibility brought about by Mastercard Cross-Border Services, such as the capability to make cross-border payments to the most popular and emerging markets worldwide, is something that our customers are very excited about,” he explained.
He went on to say that working together with Mastercard would give customers the chance to focus on the important parts of their journey.
“Our collaboration with Mastercard will allow our customers to focus on what is more important in their scaling journey, such as localisation efforts and potentially establishing new revenue streams for their businesses,” he said.
For Mastercard, meanwhile, Helena Chen, Managing Director for Hong Kong and Macau, said there’d be a number of plus sides to the new arrangement, one of which is cost-effectiveness.
“Mastercard is pleased to further its collaboration with Sunrate via its Cross Border Services solution, enriching sunrate’s remittance service in a faster, safer, more transparent and cost-effective way,” she said.
The international money transfer sector is full of twists and turns. Stay ahead of the curve at all times with our money transfer reviews section.
