Reserve Bank of India (RBI) and GIFT City International Financial Services Centre (IFSC) grant payment licences to Skydo

Key facts

• Skydo received in-principle approval to operate as a Payment Service Provider (PSP) at the GIFT City International Financial Services Centre (IFSC).
• The fintech firm secured regulatory approval from the Reserve Bank of India (RBI) to support outward payment flows under the Payment Aggregator-Cross Border (PA-CB) framework.
• Skydo previously obtained final RBI authorisation to operate as a PA-CB for export collections earlier in the year.
• The approvals allow the company to facilitate both inward and outward cross-border payments, including multi-currency collections and overseas payouts for Indian businesses.
• The GIFT City authorisation enables additional capabilities such as e-money accounts and merchant acquisition for Micro, Small and Medium Enterprises (MSMEs) and digital-first businesses.