HiWiPay Targets Global Payments Play with GIFT City Approval

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HiWiPay, a a Mumbai-based cross-border payments company, has secured an in-principle approval from the International Financial Services Centres Authority (IFSCA) to establish a wholly owned Payment Service Provider (PSP) subsidiary at GIFT International Financial Services Centre (GIFT IFSC).

The approval gives the company a regulatory pathway to build its international payments business from India's financial gateway for global transactions.

Expanding Beyond Student Payments

HiWiPay said the proposed PSP will focus on enabling global payments for exporters, freelancers, digital businesses, international service providers, and globally mobile customers.

Once it meets all regulatory requirements and receives final authorisation from IFSCA, the company plans to launch services covering international collections, global payouts, foreign exchange treasury management, and escrow-based transaction services.

The proposed entity will also be authorised to offer services including cross-border money transfers, merchant acquisition, account issuance, e-money issuance, and escrow services, subject to regulatory approval. The move reflects a broader shift...

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