121
/
4
Min Read
Skydo, a cross-border payments platform serving Indian businesses, 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).
The approval follows the in-principle authorisation granted in May 2026. It will allow Skydo to develop a broader range of international payment products, including multi-currency accounts, merchant acquiring, collections and payment infrastructure for exporters, investment platforms and trade finance companies.
The company plans to expand beyond its existing cross-border collections business, targeting eligible Indian exporters and financial services businesses operating in the IFSC.
Multi-Currency Accounts to Support Exporters
One of Skydo’s planned offerings is an IFSC-based multi-currency account for eligible Indian exporters. Many exporters convert foreign currency receipts into Indian rupees soon after receiving payments from overseas customers.
The proposed accounts will allow eligible exporters to collect and hold foreign currency, use it to pay overseas suppliers or convert it when required, subject to applicable regulatory requirements. This could provide businesses with greater flexibility in managing international receipts and payments.
The licence also opens opportunities in global investments, trade finance and outward payments. Skydo plans to develop payment infrastructure for platforms offering access to overseas investments, including US equities, and provide collection and settlement services for export factoring and trade finance providers. Potential escrow services will be offered where permitted.
GIFT City Creates New Growth Opportunities
GIFT City is emerging as a hub for international financial services, including investments, insurance, lending, trade finance and treasury operations. Skydo plans to bring its India and global payments infrastructure to the IFSC to support businesses and financial institutions operating there.
The company aims to simplify cross-border payments for GIFT City-based financial services providers and improve access to their products for Indian and international users. These planned services build on Skydo’s existing operations. According to the company, it serves more than 50,000 businesses and processes over $1 billion in annualised payment volume.
Regulatory Approvals and Leadership Expansion
The IFSCA authorisation expands Skydo’s regulatory presence across markets. In India, the company holds final authorisation from the Reserve Bank of India (RBI) as a Payment Aggregator-Cross Border (PA-CB) for export collections, along with RBI approval for outward payments under the PA-CB framework.
In Canada, Skydo holds registration as a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), along with final approval from the Bank of Canada under the Retail Payment Activities Act (RPAA).
To support its expansion, Skydo has established a dedicated leadership team in GIFT City. Shekhar Tejwani joined as Principal Officer and the company’s first hire at the location, followed by Nayan Nitesh as Compliance Officer. The company has also expanded its risk and compliance, product and growth teams.
Leadership Highlights International Payments Strategy
Awadhesh Ranjan, Head of Risk and 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.”
Prashanth Kumar, Head of Banking and Enterprise Business Development at Skydo, said GIFT City complements the company’s existing payments infrastructure and creates opportunities to introduce multi-currency products for Indian businesses while serving financial services companies in the IFSC.
Cross-Border Payments Support Export Growth
India aims to achieve $2 trillion in exports by FY2030-31, with micro, small and medium enterprises (MSMEs) expected to remain important contributors. Cross-border payment efficiency has also featured on the policy agenda, with India’s 2026 BRICS Chairship prioritising faster, cheaper and more interoperable international payments.
As Indian businesses expand into global markets, reliable payment infrastructure will remain important for managing international collections, supplier payments and settlements. Skydo plans to work with financial institutions and businesses in GIFT City to develop solutions that simplify transactions between India and international markets.
