PayGlocal Receives IFSCA In-Principle Approval to Launch Payment Service Provider Subsidiary in GIFT City

Key facts

• Bengaluru-based fintech PayGlocal has received in-principle approval from the International Financial Services Centres Authority (IFSCA) to establish a wholly owned subsidiary as a Payment Service Provider (PSP) in GIFT-IFSC.
• The approval allows PayGlocal's GIFT-IFSC entity to undertake account issuance including e-money accounts, cross-border money transfers and merchant acquisition.
• PayGlocal earlier received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border for inward and outward payments, and has registered as a Money Services Business (MSB) with the US Financial Crimes Enforcement Network (FinCEN).
• Founded in 2021, PayGlocal supports more than 130 currencies and over 40 global and local payment methods.
• PayGlocal is backed by Tiger Global, Peak XV and BEENEXT.