Mumbai: Cross-border payments platform HiWi Forex Transaction Services Private Limited (HiWiPay) has received an 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 International Financial Services Centre (GIFT IFSC).
The approval marks a regulatory milestone for the company as it prepares to expand its cross-border payments infrastructure from India’s international financial hub. The proposed PSP will focus on facilitating global payment solutions for exporters, freelancers, digital businesses, international service providers and customers engaged in cross-border commerce.
Following the fulfilment of regulatory requirements and receipt of final authorisation from IFSCA, HiWiPay plans to commence PSP operations from GIFT IFSC. The company intends to offer services including international collections, global payouts, foreign exchange (FX) treasury management and escrow-based transaction solutions.
According to the company, the proposed PSP entity will be authorised to provide a range of regulated payment services, including cross-border money transfers, merchant acquisition, account issuance, e-money issuance and escrow services, subject to the applicable regulatory approvals.
Commenting on the development, Geeta Chauhan, Co-Founder, HiWiPay, said:
“Receiving in-principle approval from IFSCA is a significant milestone for HiWiPay and an important step towards our vision of building a globally connected payments platform from GIFT IFSC. We are grateful to IFSCA for its guidance and for creating a progressive regulatory framework that fosters innovation while maintaining the highest standards of compliance and customer protection.
As Indian businesses increasingly participate in international trade and digital commerce, the need for seamless cross-border payment infrastructure has never been greater. Our goal is to simplify global transactions and help businesses scale internationally with confidence.”
Founded by payments industry veterans 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 said India’s export ecosystem is witnessing increased participation from software-as-a-service (SaaS) companies, digital service providers, freelancers, e-commerce sellers and small and medium enterprises serving international customers. However, businesses continue to face operational challenges related to international collections, foreign exchange management, settlement timelines and regulatory compliance.
HiWiPay aims to address these challenges through a technology-driven payments platform designed to improve transaction speed, transparency and operational efficiency for cross-border payments.
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The proposed PSP is expected to strengthen HiWiPay’s capabilities in enabling regulated international payment infrastructure from GIFT IFSC, subject to the fulfilment of regulatory requirements and receipt of final authorisation from IFSCA.
