Skydo secures final IFSCA licence to operate as Payment Service Provider in GIFT City

Key facts

• Skydo received final authorization from the International Financial Services Centres Authority (IFSCA) to function as a Payment Service Provider (PSP) in Gujarat International Finance Tec-City (GIFT City).
• The company's licence permits it to develop cross-border payment products, including multi-currency accounts, merchant acquiring, and collections, for businesses operating in the IFSC.
• Skydo currently manages a cross-border payments business serving over 50,000 businesses and processing more than $1 billion in annualised payment volume.
• Skydo holds final authorization from the Reserve Bank of India (RBI) as a Payment Aggregator-Cross Border (PA-CB) for export collections.
• The company has secured final authorization in Canada to operate as a Money Services Business (MSB) under the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Bank of Canada.