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BANGKOK, THAILAND –
Media OutReach Newswire – 26 September 2024 – SUNRATE, the global payment and treasury management platform, supported by world-class investors such as Peak XV Partners, Prosperity7, and SBVA, has announced a significant milestone in its partnership with Citibank. Under the Bank of Thailand’s Non-Resident Qualified Company (NRQC) regulations, Citibank Thailand will facilitate SUNRATE’s onshore Thai Baht (THB) trade operations.
Through this collaboration, Citibank has assisted SUNRATE in securing NQRC status, enabling the company to receive local payments from Thai buyers and E-Commerce marketplaces on behalf of export businesses, through local clearing methods including PromptPay. The key advantages of this status include an increased THB account limit, and faster FX settlement times.
Wang Qincheng, Head of Product at SUNRATE said, “We are excited to once again partner with Citibank to further enhance our operational capabilities in Thailand and achieve NRQC status. As the leading global B2B payments platform for emerging markets, it is critical that we continuously strengthen our offerings, providing our clients with greater access to Emerging Asia. This strategic step allows us to businesses entering and scaling in the Thai market more effectively.”
In 2023, the Bank of Thailand (BOT) introduced greater flexibility for non-residents engaged in trade and investment in Thailand, simplifying the process for transactions involving Thai Baht through domestic financial institutions and easing the documentation requirements.
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