Cross-border payments platform HiWiPay has secured in-principle approval from the International Financial Services Centres Authority (IFSCA) to establish a Payment Service Provider (PSP) in the GIFT International Financial Services Centre (GIFT IFSC). This strategic development will enable the company to build a regulated payment infrastructure from India's international financial hub. The initiative aims to streamline global transactions for a diverse range of clients, including exporters, digital businesses, and freelancers.
A Strategic Move into GIFT IFSC
The approval represents a significant milestone for HiWiPay, allowing it to create a wholly owned subsidiary focused on international payments. This new entity will cater specifically to the needs of Indian businesses participating in global trade and digital commerce. Operating from GIFT IFSC positions the company at the center of India's efforts to become a global financial services leader.
Upon receiving final authorization, HiWiPay's PSP will offer a comprehensive suite of digital financial services. These will include cross-border money transfers, merchant acquisition, account and e-money issuance, and secure escrow services. The full rollout of these solutions is contingent upon the fulfillment of all remaining regulatory requirements set by the IFSCA.
Addressing Cross-Border Payment Challenges
India's burgeoning export economy, driven by SaaS companies, freelancers, and SMEs, often encounters significant payment hurdles. Businesses frequently grapple with complex international collections, volatile foreign exchange management, and lengthy settlement timelines. Navigating the intricate compliance landscape for cross-border transactions also presents a persistent challenge for these enterprises.
HiWiPay intends to address these pain points directly through its advanced, technology-driven payments platform. The company's primary goal is to simplify global collections, foreign exchange, and settlement processes for its clients. By focusing on this approach, HiWiPay aims to deliver faster, more transparent, and operationally efficient cross-border transactions.
Leadership and Vision
The company is founded by seasoned payment industry veterans Dewang Neralla and Geeta Chauhan. Their leadership team brings a wealth of experience, having previously built Atom Technologies, one of India's pioneering digital payments companies. This venture was later successfully acquired by the global IT services leader NTT Data, underscoring their proven track record.
Co-founder Geeta Chauhan highlighted the approval as a crucial step toward building a globally connected payments platform from GIFT IFSC. She expressed gratitude for the IFSCA's progressive regulatory framework, which fosters innovation while ensuring high standards of compliance. The ultimate vision is to empower Indian businesses to scale internationally with greater confidence and ease.
HiWiPay's receipt of in-principle approval from IFSCA marks a pivotal moment for the Indian cross-border payments landscape. The move promises to equip Indian exporters and digital businesses with the modern financial tools needed to compete on a global stage. As the company moves toward final authorization, the industry will be watching its potential to transform international commerce from India.