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Cross-border payments platform HiWi Forex Transaction Services Pvt Ltd (HiWiPay) has received in-principle approval from the International Financial Services Centres Authority (IFSCA) to establish a wholly owned Payment Service Provider (PSP) subsidiary in GIFT International Financial Services Centre (GIFT IFSC). Subject to meeting regulatory requirements and obtaining final authorisation, the proposed entity will provide services including cross-border money transfers, merchant acquisition, account issuance, e-money issuance and escrow facilities. The move is aimed at strengthening payment infrastructure for exporters, SMEs, freelancers and digital businesses by streamlining international collections, foreign exchange management, settlement processes and regulatory compliance through a technology-driven platform.
Cross-border payments platform HiWi Forex Transaction Services Pvt Ltd (HiWiPay) has secured in-principle approval from the International Financial Services Centres Authority (IFSCA) to establish a wholly owned subsidiary as a Payment Service Provider (PSP) at GIFT International Financial Services Centre (GIFT IFSC).
The approval, announced on 1 July, enables the company to develop regulated cross-border payment infrastructure from India's international financial centre. The proposed PSP will primarily cater to exporters, small and medium enterprises (SMEs), freelancers, digital businesses, global service providers and customers engaged in international transactions.
HiWiPay said that, upon fulfilling all regulatory conditions and receiving final authorisation from IFSCA, the subsidiary will commence operations offering a range of payment solutions, including international collections, global payouts, foreign exchange treasury management and escrow-based transaction services.
According to the company, the proposed PSP will also be authorised to provide cross-border money transfers, merchant acquisition, account issuance, e-money issuance and escrow services, subject to compliance with the applicable regulatory framework.
Geeta Chauhan, Co-Founder of HiWiPay, said the in-principle approval marks an important milestone in the company's plan to build a globally connected payments platform from GIFT IFSC. She stated that the regulatory framework developed by IFSCA supports innovation while maintaining high standards of compliance and customer protection.
Chauhan added that increasing participation by Indian businesses in international trade and digital commerce has created growing demand for efficient cross-border payment infrastructure. She said the company aims to simplify global transactions and support businesses seeking to expand into international markets.
Founded by payments industry professionals Dewang Neralla and Geeta Chauhan, HiWiPay is led by a team that previously helped build Atom Technologies, one of India's early digital payments companies, which was subsequently acquired by NTT Data.
The company noted that India's export ecosystem is evolving with the growth of software-as-a-service (SaaS) companies, digital service providers, freelancers, e-commerce sellers and SMEs serving overseas customers. However, many of these businesses continue to encounter operational challenges relating to international collections, foreign exchange management, settlement timelines and regulatory compliance.
HiWiPay said its proposed technology-led payments platform has been designed to address these issues by improving transaction speed, operational efficiency and transparency in cross-border payments. The company expects the GIFT IFSC-based entity to strengthen its ability to support businesses engaged in global commerce through regulated payment services once the final regulatory approvals are obtained.
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