Sunrate has received approval-in-principle for a money services business license from Bank Negara Malaysia, the country’s central bank.

The Singapore-based company provides payment and treasury management services to businesses.

With this license, Sunrate plans to set up Malaysia as its global operations center and expand its team in the country.

The company already holds licenses in Singapore, Indonesia, Hong Kong, the UK, and mainland China.

Sunrate said it aims to support businesses in Malaysia with cross-border payments and treasury solutions.

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🔗 Source: Sunrate

🧠 Food for thought

1️⃣ Malaysia’s fintech regulatory framework attracts global players seeking regional expansion base

SUNRATE’s decision to establish Malaysia as its global operations hub reflects the country’s success in building fintech-friendly regulations that extend beyond local market access.

Bank Negara Malaysia established its regulatory sandbox in 2016, creating a testing environment that has evolved into a comprehensive framework for international fintech operations 1.

The choice of Malaysia as a “global operations centre” rather than simply a market to serve demonstrates how the country’s regulatory approach has positioned it as an attractive base for international expansion across Southeast Asia.

This aligns with broader regional trends, where Southeast Asia’s fintech startup value reached US$150 billion in 2020, with a 66% increase in new startups from 2018 to 2020 1.

The Malaysian government’s annual allocation of RM 200-250 million for fintech development has helped create an ecosystem that supports both local innovation and international operations 1.

2️⃣ Established fintech companies follow different expansion patterns than early-stage startups

SUNRATE’s hiring plans across “key functions” in Malaysia represent the maturation of the country’s fintech ecosystem beyond its startup-heavy origins.

While Malaysia counted 233 fintech startups by early 2021, SUNRATE’s approach—establishing a regional operations hub rather than building from scratch—shows how established companies leverage Malaysia’s developed infrastructure 1.

The company’s existing licensed operations across Singapore, Indonesia, Hong Kong, the UK, and Mainland China demonstrate a methodical expansion strategy that uses regulatory-friendly jurisdictions as stepping stones for broader regional coverage.

This pattern differs from the startup boom that saw COVID-19 drive significant increases in QR code payment adoption and equity crowdfunding 1.

Instead of chasing rapid local market penetration, mature fintech companies like SUNRATE use Malaysia’s regulatory stability to coordinate multi-country operations from a single hub.

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