SUNRATE, an advanced global payment and treasury management platform supported by global investors like Peak XV Partners, Prosperity7 Ventures, and SBVA, has officially launched in Vietnam. As part of this expansion, the company has appointed Li Tao as its Head of Growth. This move is crucial for SUNRATE as it aims to bolster its presence in the Asia-Pacific region. Li Tao will report directly to co-founder Joshua Bao and will be responsible for leading growth initiatives and promoting cross-business unit collaboration to uncover market opportunities in Emerging Asia.
SUNRATE has strategically partnered with local licensed and global financial institutions to launch its platform in Vietnam, driven by robust customer demand and the significant challenges faced by rapidly growing Small and Medium-sized Enterprises (SMEs) across various sectors. The platform provides advanced global payment solutions, including international payments and global collection services, designed to streamline cross-border B2B transactions. SUNRATE's offerings ensure that these payments are fast, secure, transparent, compliant with regulations, and cost-effective for businesses in Vietnam.
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”.
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 Key Account Management to Logistics and Operations. Li Tao is a Master's 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”.