Streamlining UAE Trade: SUNRATE Launches Direct AED Collection with T+0 Settlement

As global trade dynamics continue to evolve, with shifting tariffs between major economies, the United Arab Emirates (UAE) has emerged as a vital economic hub at the crossroads of international commerce. The UAE's open policies, robust business environment, and diversified economy present significant opportunities for enterprises engaged in international trade.  

Over the years, the deepening of the 'Belt and Road' initiative has fostered a surge in China-Arab bilateral trade. In 2024, the trade volume surpassed US$100 billion, marking a 7.2% increase from the previous year. However, challenges such as lengthy collection cycles, high transaction costs, and complex foreign exchange processes continue to impede the efficiency of funds collection and payment.  

Addressing these concerns, SUNRATE is pleased to announce the launch of its UAE collection account in 2024. By partnering with leading international banks, SUNRATE will provide businesses with accounts that allow for direct AED collections with settlement as fast as T+0, enhancing support for B2B trade and cross-border e-commerce in the Middle East.  

This innovation significantly reduces transaction costs and enhances fund transfer efficiency, facilitating more seamless cross border payments as businesses are able to deploy their funds more efficiently within the UAE.  

Four key advantages of SUNRATE's UAE Collection Account 

1. Expedited onboarding and cost-efficiency:

• Open a UAE collection account swiftly at no cost by registering for a SUNRATE account and completing the required verification. 

• Benefit from zero fees for account management. 

• Receive AED payments directly without the need for multiple currency conversions and payment of associated costs. 

• Leverage our direct connection to the UAE clearing network for rapid T+0 settlement, accelerating fund repatriation. 

• Stay informed of transparent handling fees with no hidden charges. 

2. Versatile and convenient functions:

• Cater to diverse business needs, including B2B trade and cross-border e-commerce. 

• Execute fund operations such as swift withdrawals and supplier payments seamlessly, upon receipt of funds. 

• Receive personalised 24/7 support from a dedicated account manager for international payment assistance. 

3. Extensive global coverage and currency options:

• Benefit from SUNRATE’s partnerships with leading international banks, such as JP Morgan, Citibank, Standard Chartered, and DBS. 

• Utilise our global collection accounts which supports 16 major currencies, including USD, EUR, GBP, JPY, HKD, SGD, and other currencies like THB and ZAR. 

• Access accounts in numerous countries, including Nigeria, Mexico, Indonesia, the Philippines, Thailand, Vietnam, the United States, Europe, the United Kingdom, Singapore, Japan, Canada, and Australia. 

• Leverage local currency collection services in Poland, Hungary, the Czech Republic, Turkey, Israel, and other regions, to expand your reach into emerging markets. 

4. A simple three-step account opening process:

• Registration/Login: Register for a SUNRATE account or log in if you are an existing user. 

• Account Application: Navigate to ‘Payment Account’ and select ‘Apply’. 

• Account Selection: Choose ‘B2B Trade’.

• Next, select ‘UAE’ as the account attribute and submit your application.

• Upon a successful review, your account will be assigned.

*Please note that cross-border payment services involving China are provided by authorised partner organisations.

In addition to having collection services in the UAE, SUNRATE’s payment and collection services cover multiple countries and emerging markets such as Singapore, Indonesia, Philippines, Thailand, Japan, United States, Europe, United Kingdom, Nigeria, Mexico, and Australia; helping businesses worldwide to receive and make payments seamlessly and with a peace of mind while continuously innovating and expanding our service offerings.

To get started and partner with a solutions provider that can help your business optimise payments and help you scale both locally and globally, open a SUNRATE account today or contact our sales team.