HiWiPay Secures IFSCA Approval for GIFT City Payment Hub
By ThePip Desk
Fintech HiWiPay receives IFSCA in-principle approval to establish a Payment Service Provider at GIFT IFSC, poised to enhance India’s cross-border payments and digital economy.
HiWiPay just got the green light to set up a payments hub at GIFT City. This is a major upgrade for India’s cross-border transactions and digital economy players.
📌 What Happened?
Cross-border payments platform HiWiPay secured in-principle approval from the International Financial Services Centres Authority (IFSCA).
This green light allows them to launch a wholly-owned Payment Service Provider (PSP) subsidiary.
The new unit will operate from Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC).
HiWiPay’s mission is to build a regulated, globally connected payments platform directly from this strategic Indian hub. Co-Founder Geeta Chauhan highlighted the growing need for seamless international payment infrastructure, especially as Indian businesses expand globally.
💰 Why It Matters
This move could revolutionize how Indian exporters, freelancers, and digital businesses handle international payments. Transactions are set to become faster, more transparent, and more efficient.
It further solidifies GIFT IFSC’s position as a key hub for global financial services, attracting more fintech innovation and investment to India.
HiWiPay plans to tackle critical pain points like slow settlements, complex foreign exchange management, and compliance issues for SMEs, SaaS companies, and digital service providers.
For investors, this signals significant growth potential in cross-border fintech. It also underscores India’s rising prominence in the global digital trade landscape.
👀 What to Watch Next
Keep an eye on HiWiPay’s journey towards final authorization from IFSCA. Their subsequent rollout of new services like international collections, global payouts, and foreign exchange treasury will be crucial.
Watch how this development impacts other fintechs considering the GIFT City ecosystem. It will also offer insights into broader cross-border payment trends.
The success of HiWiPay’s new offerings will be a strong indicator of demand for specialized, technology-led solutions in this rapidly evolving international payments space.