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What is the story about?
Cross-border payments platform Skydo has received in-principle approval to operate as a Payment Service Provider (PSP) in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City. The approval positions the company to offer services within India’s offshore financial hub focused on international financial transactions.
The GIFT City approval is expected to allow Skydo to develop capabilities such as multi-currency collections, e-money accounts, and merchant acquisition services aimed at businesses engaged in cross-border trade.
Separately, the company has received regulatory approval from the Reserve Bank of India to support outward remittance flows under the Payment Aggregator–Cross Border (PA-CB) framework. Earlier, it had obtained final authorisation under the same framework for export-related payment collections.
The PA-CB framework is designed to regulate and streamline cross-border payment activities for fintech companies operating in India’s international payments ecosystem.
With the latest approvals, Skydo will be able to process both inbound payments from overseas customers and outward payments to international vendors and service providers through a single platform, subject to regulatory compliance.
According to Srivatsan Sridhar, the combined approvals provide regulatory clarity for expanding cross-border payment services through compliant infrastructure.
Movin Jain said the framework enables fintech firms to build globally aligned payment products as GIFT City develops as an international financial services hub.
Skydo currently serves over 40,000 businesses and processes cross-border transactions across multiple currencies and markets, according to company disclosures.
The company said the expansion will support further development of its cross-border payments infrastructure and related services for Indian exporters and global businesses operating in India.
The GIFT City approval is expected to allow Skydo to develop capabilities such as multi-currency collections, e-money accounts, and merchant acquisition services aimed at businesses engaged in cross-border trade.
Separately, the company has received regulatory approval from the Reserve Bank of India to support outward remittance flows under the Payment Aggregator–Cross Border (PA-CB) framework. Earlier, it had obtained final authorisation under the same framework for export-related payment collections.
The PA-CB framework is designed to regulate and streamline cross-border payment activities for fintech companies operating in India’s international payments ecosystem.
With the latest approvals, Skydo will be able to process both inbound payments from overseas customers and outward payments to international vendors and service providers through a single platform, subject to regulatory compliance.
According to Srivatsan Sridhar, the combined approvals provide regulatory clarity for expanding cross-border payment services through compliant infrastructure.
Movin Jain said the framework enables fintech firms to build globally aligned payment products as GIFT City develops as an international financial services hub.
Skydo currently serves over 40,000 businesses and processes cross-border transactions across multiple currencies and markets, according to company disclosures.
The company said the expansion will support further development of its cross-border payments infrastructure and related services for Indian exporters and global businesses operating in India.
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