Skydo has secured 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).
The approval follows the in-principle authorisation granted in May 2026 and enables Skydo to expand its portfolio of cross-border payment products from GIFT City. The company plans to offer multi-currency accounts, merchant acquiring and collection services, along with payment infrastructure for exporters, investment platforms, trade finance providers and businesses operating within the IFSC ecosystem.
One of the products under development is an IFSC-based multi-currency account for eligible Indian exporters. The solution is expected to allow businesses to collect and hold foreign currencies, make payments to overseas suppliers and convert funds when required, subject to regulatory guidelines.
The authorisation also enables Skydo to explore payment infrastructure for global investment platforms, trade finance providers and outward payment flows. The company plans to support businesses offering access to overseas investments, including US equities, as well as collection and settlement services for export factoring and trade finance firms.
Awadhesh Ranjan, Head of Risk & Compliance at Skydo, said, “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.”
Skydo said it will leverage its existing India and global payments infrastructure to provide payment services while supporting access to GIFT City-based financial products for Indian and international users.
The company currently serves more than 50,000 businesses and processes over $1 billion in annualised payment volume. The latest authorisation further expands its regulatory presence across jurisdictions.
In India, Skydo holds final authorisation from the Reserve Bank of India (RBI) as a Payment Aggregator-Cross Border (PA-CB) for export collections and has approval for outward payments under the same framework. The company also operates as a Money Services Business (MSB) in Canada, supported by registrations and approvals from Canadian regulators.
Skydo has also strengthened its GIFT City team with leadership appointments focused on compliance and operations, alongside growth across its risk and compliance, product and business development functions.
Prashanth Kumar, Head of Banking & Enterprise Business Development at Skydo, said, “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.”
Skydo said it plans to work with financial institutions and businesses operating in GIFT City to develop solutions aimed at simplifying the movement of money between India and international markets.
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