Mumbai: Skydo, a cross-border payments platform designed for Indian exporters and businesses, has become one of the first entities to receive in-principle approval to operate as a cross-border Payment Service Provider (PSP) at the GIFT City IFSC. This strategic presence at GIFT City connects Skydo to a globally-aligned financial hub built specifically for cross-border flows, unlocking build-for-global infrastructure and products tailored to firms that sell, buy, or operate abroad.
Expanding Services for Indian Businesses
The approval significantly widens the scope of services Skydo can offer. Beyond multi-currency collections, the platform can now provide e-money accounts, merchant acquisition, and open up new payment corridors. This development is particularly beneficial for Indian MSMEs, startups selling abroad, freelancers, and consultants. Indian firms can now receive payments from global clients and pay overseas vendors or software partners through a compliant, streamlined stack.
Benefits for Cross-Border Operations
For Indian businesses, this approval allows them to tighten pay-outs by reducing intermediaries and widen pay-ins. It cuts friction, speeds up transaction cycles, and transforms cross-border operations into a one-window flow. Additionally, Skydo has cleared RBI’s PA-CB rails for outward flows and previously received a final nod for export collections, effectively covering both inbound and outbound payment sides.
Leadership Perspectives
Co-founder and CEO Srivatsan Sridhar stated that GIFT City is a key step in building globally-competitive infrastructure. Co-founder Movin Jain added that dual regulatory frameworks bring clarity and flexibility, which are essential for compliant innovation.
