Image credit: Sunrate

Transfar Logistics, a unit of Shenzhen-listed Transfar Group, has announced that it will offload its entire stake in Transfar Pay to Sunrate, a cross-border payments firm headquartered in Singapore, for US$43 million.

Founded in 2016, Sunrate offers global payment and treasury management solutions. The acquisition is expected to help it gain compliance advantages in China’s increasingly regulated cross-border payments sector.