New Delhi, November 01, 2026: Bengaluru-based cross-border payments platform Skydo 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 to the company in May 2026. With the final licence, Skydo plans to expand its services beyond cross-border collections and develop a broader range of international payment solutions, including multi-currency accounts, merchant acquiring and payment infrastructure for exporters, investment platforms and trade finance companies.
A key offering in the company’s roadmap is an IFSC-based multi-currency account for eligible Indian exporters. The proposed facility will allow exporters to receive and hold foreign currency, make payments to overseas suppliers and convert funds into Indian rupees when required, subject to applicable regulations. Currently, many exporters convert their foreign currency receipts into rupees shortly after receiving them.
The new authorisation will also enable Skydo to explore payment solutions for overseas investment platforms, including those offering access to US equities. Additionally, the company plans to develop collection and settlement infrastructure for export factoring and trade finance providers, including escrow-related services wherever permitted under the regulatory framework.
Skydo also aims to serve the growing financial services ecosystem at GIFT City, which includes companies operating across insurance, investments, lending, trade finance and treasury management. The company plans to bring its existing India and international payments infrastructure to the IFSC to simplify cross-border transactions and improve access to GIFT City-based financial products for Indian and overseas customers.
The expansion builds on Skydo’s existing business, through which it serves more than 50,000 businesses and processes over $1 billion in annualised payment volume.
The IFSCA authorisation further strengthens the company’s regulatory presence across markets. In India, Skydo holds final approval from the Reserve Bank of India (RBI) as a Payment Aggregator-Cross Border (PA-CB) for export collections, along with approval for outward payments under the PA-CB framework. In Canada, it has secured final authorisation to operate as a Money Services Business (MSB), including registration with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and approval from the Bank of Canada under the Retail Payment Activities Act (RPAA).
To support its expansion at GIFT City, Skydo has also established a dedicated leadership team. Shekhar Tejwani, who has previous experience working at GIFT City, joined the company as Principal Officer and its first employee based at the financial hub. Nayan Nitesh has since joined as Compliance Officer. The company has also expanded its teams across risk and compliance, product and growth.
Commenting on the development, Awadhesh Ranjan, Head of Risk & 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. For Indian SMBs going global, and for businesses outside India working with them, it means one thing: cross-border money that moves with confidence.”
Prashanth Kumar, Head of Banking & Enterprise Business Development at Skydo, said GIFT City complements the company’s existing payments infrastructure in India and international markets. He added that the licence will help Skydo introduce multi-currency products for Indian businesses while serving the growing number of financial services companies operating from the IFSC.
The expansion comes at a time when India is looking to strengthen its position in international trade and financial services. The country has set a target of achieving $2 trillion in exports by FY2030-31, with micro, small and medium enterprises (MSMEs) expected to play an important role.
Cross-border payments have also gained policy attention, with India’s 2026 BRICS Chairship placing faster, cheaper and more interoperable international payment systems on the agenda. Against this backdrop, accessible payment infrastructure is becoming increasingly important for businesses looking to expand into global markets.
Skydo plans to collaborate with financial institutions, businesses and other participants at GIFT City to develop payment solutions that simplify transactions between India and international markets.
