Skydo has received in-principle approval to operate as a Payment Service Provider (PSP) at Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC), becoming one of the first cross-border fintech companies to secure a GIFT City licence.
The company stated that GIFT City IFSC provides access to a globally aligned financial ecosystem designed for international financial services and cross-border business operations. Unlike India’s domestic financial infrastructure, which is largely structured around INR-denominated transactions, GIFT City enables the development of globally oriented financial products and payment infrastructure.
According to Skydo, the approval will enable the company to expand capabilities including multi-currency collections, e-money accounts, merchant acquisition, and new payment corridors for Indian businesses operating internationally.
The company has also received regulatory approval under the Reserve Bank of India Payment Aggregator-Cross Border (PA-CB) framework to support outward payment flows. Earlier this year, the company secured final authorisation from the RBI to operate as a PA-CB for export collections.
With these approvals, Skydo stated that it can now support both inward and outward cross-border payment requirements for Indian businesses, enabling companies to receive payments from international customers and make payments to overseas vendors, software platforms, service providers, and partners through a compliant platform.
The company currently serves more than 40,000 Indian businesses across over 50 cities and supports collections from more than 150 countries.
Commenting on the development, Srivatsan Sridhar, Co-founder and CEO, Skydo, said, “GIFT City marks an important step in India’s ambition to build globally competitive financial infrastructure.”
He further added, “With the PA-CB Outward approval and the GIFT City In-Principle Authorisation, we can support both sides of a business’s global payment journey in a simple and compliant way. For MSMEs and digital-first businesses, this means better access to global payment corridors, improved currency management, and more efficient cross-border transactions.”
The company stated that the expansion comes as India’s cross-border payments ecosystem continues to evolve rapidly, with businesses increasingly operating across international markets. India is targeting USD 2 trillion in exports by FY30, with MSMEs contributing nearly 45 per cent of total exports.
Movin Jain, Co-founder, Skydo, said, “The combination of these frameworks brings greater regulatory clarity and flexibility for fintechs to build compliant and innovative products.”
He added, “As GIFT City evolves into a global financial hub, multi-currency capabilities and globally aligned regulatory and risk standards will give Indian businesses a stronger foundation to scale internationally.”
Skydo stated that it will continue expanding its product portfolio, enter new geographies, and develop solutions for emerging cross-border payment use cases.
Send news announcements/press releases to:
editor@thefoundermedia.com
