HiWiPay, a Mumbai-based cross-border payments platform, said on July 1 that it received in-principle approval from the International Financial Services Centres Authority (IFSCA).

The approval clears the firm to set up a payment service provider (PSP) unit in GIFT International Financial Services Centre through a wholly owned subsidiary.

The proposed unit will offer services including cross-border money transfers, merchant acquisition, and account issuance. These offerings, along with e-money issuance, and escrow services, will roll out once final IFSCA authorization is obtained.

An in-principle approval is conditional and does not by itself allow operations. Applicants must meet those conditions before receiving final authorization.

HiWiPay said the PSP unit will focus on exporters, freelancers, digital businesses, global service providers, and internationally mobile customers.

🔗 Source: HiWiPay