Bengaluru-based cross-border payments platform Skydo has received final authorisation from the International Financial Services Centres Authority (IFSCA) to operate as a Payment Service Provider (PSP) at Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC). The approval will allow the company to expand beyond cross-border collections and develop additional payment services, including multi-currency accounts, merchant acquiring and collections, and payment infrastructure for international financial transactions.
The final authorisation follows the in-principle approval granted to Skydo in May 2026. With the latest licence, the company plans to build products for Indian exporters, investment platforms, trade finance companies and other businesses operating in GIFT City’s IFSC.
Skydo currently serves more than 50,000 businesses and processes over $1 billion in annualised payment volume. The new authorisation is expected to support its next phase of growth by expanding the range of cross-border payment services it can offer.
Skydo to Introduce Multi-Currency Accounts for Indian Exporters
One of Skydo’s key plans is to develop an IFSC-based multi-currency account for eligible Indian exporters.
At present, many exporters convert their foreign currency receipts into Indian rupees shortly after receiving payments from overseas customers. The proposed accounts will allow eligible businesses to collect and hold foreign currency, use those funds to pay overseas suppliers, or convert the money into rupees when required, subject to applicable regulatory requirements.
The company also plans to develop payment infrastructure for businesses involved in global investments, trade finance and outward payments.
This includes supporting platforms that offer access to overseas investments, such as US equities. Skydo also intends to provide collection and settlement services for export factoring and trade finance companies, including potential escrow and settlement services where permitted by regulations.
These services could help connect businesses and financial platforms operating in GIFT City with international markets.
GIFT City Expansion to Support International Financial Services
GIFT City has been developing as a centre for international financial services, including insurance, investments, lending, trade finance and treasury operations.
Skydo plans to bring its existing payment infrastructure in India and international markets to the IFSC. The objective is to make it easier for GIFT City-based financial services companies to receive and send cross-border payments while improving access to their products for Indian and international customers.
The company also plans to work with financial institutions, businesses and other participants in GIFT City to develop payment solutions suited to their requirements.
As more financial institutions establish operations in the IFSC, payment infrastructure that connects them with global markets is becoming increasingly important.
Skydo Strengthens Its Leadership and Compliance Teams
To support its expansion, Skydo has established a dedicated leadership team at GIFT City.
Shekhar Tejwani, who has previous work experience at GIFT City, joined the company as Principal Officer and became its first employee based at the financial hub. Nayan Nitesh subsequently joined as Compliance Officer at GIFT City.
The company has also expanded its risk and compliance, product and growth teams to support its wider business operations.
Awadhesh Ranjan, Head of Risk and Compliance at Skydo, said the company views compliance as a core part of its product design rather than a procedural requirement. He added that the IFSCA authorisation strengthens the foundation for building payment services that are convenient for customers while maintaining the necessary safeguards for the financial system.
According to Ranjan, the approval will support Indian small and medium-sized businesses expanding internationally, as well as overseas businesses working with Indian companies, by helping them move money across borders with greater confidence.
Prashanth Kumar, Head of Banking and Enterprise Business Development at Skydo, described GIFT City as a natural next step for the company.
He said the expansion complements Skydo’s existing payments infrastructure and will help it introduce multi-currency products that allow Indian businesses to collect, hold and make payments in foreign currencies. The company also aims to serve GIFT City’s growing financial services sector and make its financial products more accessible to international users.
Skydo Expands Its Regulatory Footprint in India and Overseas
The IFSCA authorisation adds to Skydo’s existing regulatory approvals in India and international markets.
The company holds final authorisation from the Reserve Bank of India (RBI) as a Payment Aggregator-Cross Border (PA-CB) for export collections. It also has RBI approval for outward payments under the PA-CB framework.
In Canada, Skydo holds final authorisation to operate as a Money Services Business (MSB). It has secured registration with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and final approval from the Bank of Canada under the Retail Payment Activities Act (RPAA).
Skydo is also an approved payment service provider for Amazon Global Selling and Alibaba. The company holds SOC 2 and ISO 27001 certifications, which relate to security and information management practices.
These regulatory approvals support the company’s efforts to build payment services for businesses operating across different markets.
India’s Export Ambitions Create Opportunities for Cross-Border Payments
Skydo’s expansion comes as India looks to strengthen its position in global trade and financial services.
The country is targeting $2 trillion in exports by FY2030-31, with micro, small and medium enterprises (MSMEs) contributing a significant share of exports. As more Indian businesses sell products and services internationally, reliable payment systems will be important for collecting overseas revenues and managing international transactions.
Cross-border payments have also been a policy priority in 2026. During India’s BRICS Chairship, faster, cheaper and more interoperable cross-border payments have been placed on the grouping’s agenda.
For Indian exporters, freelancers, startups and other businesses, payment infrastructure that simplifies international collections and payouts can help reduce operational friction when working with overseas customers and suppliers.
With its GIFT City authorisation, Skydo plans to expand beyond its existing collections business and develop a broader range of services for companies and financial institutions involved in international transactions.
About Skydo
Skydo is a Bengaluru-based cross-border payments platform that helps businesses manage international money transfers. It serves more than 50,000 MSMEs, freelancers and startups across India, enabling collections from over 150 countries in more than 32 currencies.
The company has surpassed $1 billion in annualised payment volume and offers global collections, payouts and compliance automation. Skydo is licensed by the RBI, IFSCA at GIFT City and Canadian regulators. It is an approved payment service provider for Amazon Global Selling and Alibaba and holds SOC 2 and ISO 27001 certifications.
-By Shivani Solanki
