HiWi Forex Transaction Services Private Limited (HiWiPay) has received an in-principle approval from the International Financial Services Centres Authority (IFSCA) to establish a wholly owned subsidiary as a Payment Service Provider (PSP) in GIFT International Financial Services Centre (GIFT IFSC).
The approval enables HiWiPay to build regulated cross-border payment infrastructure from India’s international financial hub, with a focus on serving exporters, freelancers, digital businesses, global service providers, and internationally mobile customers.
Following the fulfilment of regulatory requirements and receipt of final authorisation, HiWiPay plans to establish its PSP operations in GIFT IFSC and launch a suite of solutions covering international collections, global payouts, FX treasury management and escrow-based transaction services.
Commenting on the development, Geeta Chauhan, Co-Founder, HiWiPay, said, “Receiving in-principle approval from IFSCA is a significant milestone for HiWiPay and an important step towards our vision of building a globally connected payments platform from GIFT IFSC. We are grateful to IFSCA for its guidance and for creating a progressive regulatory framework that fosters innovation while maintaining the highest standards of compliance and customer protection.
She further added, As Indian businesses increasingly participate in international trade and digital commerce, the need for seamless cross-border payment infrastructure has never been greater. Our goal is to simplify global transactions and help businesses scale internationally with confidence.”
Founded by payments industry veterans Dewang Neralla and Geeta Chauhan, HiWiPay is led by a team that helped build Atom Technologies, one of India’s early digital payments companies, which was subsequently acquired by NTT Data.
The proposed PSP entity will be authorised to offer services including cross-border money transfers, merchant acquisition, account issuance, e-money issuance, and escrow services, subject to fulfilment of regulatory requirements and final authorisation by IFSCA.
India’s export economy is being reshaped by SaaS companies, digital service providers, freelancers, e-commerce sellers and SMEs serving customers worldwide. However, many continue to face challenges around international collections, foreign exchange management, settlement timelines and compliance.
HiWiPay intends to address these challenges through technology-led payment solutions designed to improve speed, transparency and operational efficiency in cross-border transactions.
Send news announcements/press releases to:
editor@thefoundermedia.com
