Skydo has received final authorisation from the International Financial Services Centres Authority (IFSCA) to operate as a Payment Service Provider (PSP) at Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC).
This final authorisation follows the in-principle authorisation granted in May 2026 and allows Skydo to build a wider range of cross-border payment products from GIFT City. These include multi-currency accounts, merchant acquiring and collections, and payment infrastructure for exporters, investing platforms, trade finance companies and other businesses operating in the IFSC.
One of the key products Skydo plans to build is an IFSC-based multi-currency account for eligible Indian exporters. Most exporters today convert foreign currency receipts into rupees soon after receiving them. The proposed account will allow them to collect and hold foreign currency, use it to pay overseas suppliers, or convert it when required, subject to applicable regulatory requirements.
The licence also opens up new use cases across global investments, trade finance and outward payments. Skydo plans to build payment infrastructure for platforms offering access to overseas investments, including US equities, as well as collection and settlement capabilities for export factoring and trade finance providers, including potential escrow and settlement services where permitted.
GIFT City is also fast emerging as a hub for various financial services companies across Insurance, Investments, Lending and Trade Financing, and Treasury Centres. Skydo plans to bring its global and India payments infrastructure to GIFT City, to provide a fast and convenient way to receive payments and make GIFT City-based financial products accessible to global and Indian users.
These products build on Skydo’s existing cross-border payments business. The company currently serves more than 50,000 businesses and processes over $1 billion in annualised payment volume.
The IFSCA licence further expands Skydo’s regulatory footprint. The company holds final authorisation from the Reserve Bank of India (RBI) as a Payment Aggregator-Cross Border (PA-CB) for export collections and RBI approval for outward payments under the PA-CB framework. In Canada, Skydo holds final authorisation to operate as a Money Services Business (MSB), having secured registration with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and final approval from the Bank of Canada under the Retail Payment Activities Act (RPAA).
To support its next phase of growth, Skydo has built a dedicated leadership team at GIFT City. Shekhar Tejwani, who has prior work experience at GIFT City, joined as Principal Officer and Skydo’s first GIFT City-based hire. He has since been joined by Nayan Nitesh as Compliance Officer at GIFT City. The company has also seen significant growth in its risk and compliance, product and growth teams.
Awadhesh Ranjan, Head of Risk & Compliance at Skydo, said, “We have always seen compliance as a design principle, not a checkbox. Securing this licence from IFSCA strengthens the foundation we are building on: payments that are simple for our customers and safe for the system. For Indian SMBs going global, and for businesses outside India working with them, it means one thing: cross-border money that moves with confidence.”
Prashanth Kumar, Head of Banking & Enterprise Business Development at Skydo, said, “GIFT City is a natural next step for Skydo. Firstly, it complements the payments infrastructure we have built in India and globally, allowing us to bring multi-currency products to Indian businesses to collect, maintain and pay. Secondly, it allows us to serve GIFT City’s growing range of financial services companies, making cross-border payments fast and convenient for them and making GIFT City’s financial products more accessible to global users.”
GIFT City is emerging as a hub for international financial services across funds and investments, lending, insurance and treasury operations. As more financial institutions and businesses establish operations in the IFSC, the need for payment infrastructure that connects them with international markets is also growing.
Skydo plans to work with financial institutions, businesses and other participants in GIFT City to build solutions for these needs and make the movement of money between India and international markets simpler.
The authorisation comes as India looks to expand its presence in global trade and financial services. The country is targeting $2 trillion in exports by FY2030-31, with micro, small and medium enterprises (MSMEs) accounting for a significant share of exports. Cross-border payments have also been a policy priority this year, with India’s 2026 BRICS Chairship placing faster, cheaper and more interoperable cross-border payments on the grouping’s agenda. Accessible and reliable cross-border payment infrastructure will remain an important part of helping Indian businesses operate internationally.
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