SUNRATE Enables Onshore Thai Baht Trade Under the Bank of Thailand's NRQC Regulations
- Written by Media Outreach
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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