SUNRATE, an intelligent global payment and treasury management platform, has officially launched its operations in Vietnam. Backed by prominent investors such as Peak XV Partners, Prosperity7 Ventures, and SBVA, SUNRATE is expanding its presence in the Asia-Pacific region, focusing on fostering growth across Emerging Asia. Li Tao has been appointed as the Head of Growth for the Vietnam market, reporting directly to co-founder Joshua Bao. Tao will be responsible for driving the company’s growth initiatives and facilitating collaboration across business units to tap into market opportunities in the region.
The strategic move to enter the Vietnamese market comes in response to high customer demand and the significant challenges faced by the rapidly growing Small and Medium-sized Enterprises (SMEs) across various sectors. SUNRATE’s platform offers advanced global payment products and services, including international payments and global collection services. These solutions aim to make cross-border B2B payments faster, more secure, transparent, regulatory-compliant, and cost-effective for businesses in Vietnam.
Co-founder Joshua Bao expressed his optimism about this new venture, stating, “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.”
Bao also highlighted the potential impact of Tao’s leadership, noting, “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.”
Strengthening Leadership and Local Team
Li Tao joins SUNRATE with a wealth of experience, having previously led Shopee’s new market launches and growth in Europe and LATAM. He has held various leadership roles in Shopee’s Cross Border team, covering Key Account Management, Logistics, and Operations. His extensive background in Cross-Border E-commerce and trade will be invaluable to SUNRATE and its customers. Tao has already assembled a team of local business development managers to provide exceptional customer service to businesses in Vietnam. He holds a Master’s degree from both INSEAD and the University of Cambridge.
Commenting on his new role, Li Tao said, “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.”