Skydo: Leading Cross-Border Payments Provider with GIFT City Approval
Skydo, a prominent cross-border payments platform, has recently obtained in-principle approval to function as a Payment Service Provider (PSP) in the GIFT City International Financial Services Centre (IFSC). This positions Skydo as one of the pioneering fintech companies to secure a GIFT City licence.
Access to a Global Financial Ecosystem
With its status at GIFT City IFSC, Skydo gains entry to a financial ecosystem that is aligned globally and specifically designed for international financial services. This ecosystem empowers businesses to develop products and infrastructure suited for operations across borders.
Expanded Capabilities for Indian Businesses
This approval allows Skydo to broaden its offerings, including multi-currency collections, e-money accounts, and merchant acquisition. It will also facilitate the establishment of new payment corridors for Indian enterprises functioning on a global scale. Over time, this may lay the groundwork for more internationally-focused financial products tailored for Indian businesses.
Regulatory Approvals in Support of Global Payments
Skydo has received further regulatory approval to facilitate outward payment flows under the Reserve Bank of India’s Payment Aggregator-Cross Border (PA-CB) framework. Earlier in the year, the company attained final authorisation from the RBI to operate as a PA-CB for export collections.
Supporting Comprehensive Global Payment Solutions
Thanks to these approvals, Skydo is now positioned to assist both ends of a business’s global payment journey. Indian firms will have the capability to receive payments from international clients as well as make payments to overseas vendors, software platforms, service providers, and partners through a compliant and streamlined platform.
Current Client Base and Future Expansion
Skydo currently serves over 40,000 Indian businesses across more than 50 cities, facilitating collections from upwards of 150 countries. The platform supports collections in various currencies, enabling exporters to receive payments locally from international clients with transparent pricing and quicker settlements. Skydo is committed to further expanding its product range, venturing into new geographic markets, and developing solutions for emerging cross-border payment scenarios.