SUNRATE enters Vietnam, poised to accelerate growth across Emerging Asia

HO CHI MINH CITY, VIETNAM - Media OutReach Newswire - 1 August 2024 - SUNRATE, an intelligent global payment and treasury management platform, backed by global investors such as Peak XV Partners, Prosperity7 Ventures and SBVA has announced its official launch in Vietnam, including the appointment of Li Tao as its Head of Growth. This comes at a pivotal moment for SUNRATE, as the company continues to strengthen its global footprint, especially the Asia-Pacific region. Reporting to the 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 the strong customer demand and the major challenges that fast-growing Small and Medium-sized Enterprises (SMEs) segment across different verticals face in its operations. SUNRATE offers cutting-edge global payment products and services, including international payments and global collection services, to facilitate cross-border B2B payments that are fast, secure, transparent, compliant with regulations, and cost-effective for Vietnam businesses.

Joshua Bao, co-founder of SUNRATE 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."

"Li Tao will also be instrumental in leading SUNRATE Vietnam's growth and setting up local operations is just the initial step in our plan for expansion across Emerging Asia. According to Vietnam General Statistics Office, Vietnam's import and export of goods in April 2024 reached a total of US$61.20 billion, an increase of 15 percent from the same period in 2023 and between January and April 2024 and the total trade in goods reached US$238.88 billion, increasing by 15.2 percent year-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, and to welcome Li Tao to the team - he will be instrumental as we supercharge our operations in Vietnam and the Asian region."

Bolstering leadership and local team hires

Prior to SUNRATE, Li Tao was the lead launcher for Shopee's new markets, launching and growing Shopee's European and LATAM markets. He has also held multiple leadership roles in the Shopee Cross Border team spanning from Key Account Management to Logistics and Operations. His experience in Cross-Border E-commerce and trade will make him invaluable to SUNRATE and its customers. Li Tao has built a team of local business development managers to provide high-touch customer service for Vietnam businesses. Li Tao is a Masters graduate from both INSEAD and the University of Cambridge.

"I'm delighted to join SUNRATE as we continue our global growth momentum into Vietnam and the Asian region," Li Tao said. "Our technology-first approach, coupled with our business development teams, which provides 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. Our powerful proprietary tech engine and global network is an effective combination as businesses look to scale their businesses 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."

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