Bengaluru-based fintech PayGlocal has received in-principle approval from the International Financial Services Centres Authority (IFSCA) to establish a wholly owned subsidiary as a Payment Service Provider (PSP) in GIFT-IFSC. This significant regulatory clearance marks a strategic step in the company's ambition to expand its cross-border payments business globally from India.
Expanding International Payment Capabilities
The IFSCA approval empowers PayGlocal's new GIFT-IFSC entity to undertake a range of critical financial activities. These include issuing accounts, such as e-money accounts, facilitating cross-border money transfers, and acquiring merchants for international transactions. This regulated presence is designed to create a robust base for developing advanced payment solutions tailored for businesses operating across various international markets.
This latest milestone builds upon PayGlocal's existing regulatory achievements. Last year, the company secured final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border for both inward and outward payments. Furthermore, PayGlocal expanded its operations into the United States after registering as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN).
Simplifying Global Transactions
Prachi Dharani, Co-founder and CEO of PayGlocal, emphasized the company's core mission. "PayGlocal is building something from India that can become a trusted part of how businesses transact with the world," Dharani stated, highlighting the goal of making cross-border money movement as simple and seamless as domestic payments.
The company's strategic focus for the next phase includes actively supporting Indian merchants as they expand their reach to customers overseas. PayGlocal also plans to penetrate additional international markets, developing localized capabilities for efficient cross-border collections, payments, and overall money movement.
GIFT City: A Strategic Hub for Global Fintech
GIFT City is rapidly emerging as a pivotal location for Indian cross-border payment firms aiming for international scale. Its unique international financial centre framework, specialized regulatory environment, and access to India's burgeoning technology and talent ecosystem provide fintech companies with an ideal base to coordinate their global payment operations directly from India.
Founded in 2021, PayGlocal has quickly established itself by enabling both Indian and global businesses to accept payments across diverse markets. Its platform boasts support for over 130 currencies and more than 40 global and local payment methods, catering to sectors such as exports, retail, travel, education, and SaaS. The company's comprehensive offerings include multi-currency accounts, sophisticated payment gateways, various alternate payment methods, and specialized solutions for global merchants accepting payments from Indian customers via UPI, cards, and netbanking. PayGlocal is notably backed by prominent investors including Tiger Global, Peak XV, and BEENEXT.