Cross-border payments startup HiWiPay 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 International Financial Services Centre (GIFT IFSC), marking a significant step in its global payments expansion.
HiWiPay to Launch Comprehensive PSP Solutions
The proposed PSP entity will enable HiWiPay to facilitate cross-border payment services for exporters, freelancers, digital businesses, international merchants, and globally mobile customers. Following the fulfilment of regulatory requirements and final authorisation from IFSCA, the company plans to roll out services including international collections, global payouts, foreign exchange (FX) treasury management, merchant acquisition, account issuance, e-money issuance, and escrow-based transaction services.
Commenting on the development, Geeta Chauhan, Co-Founder of HiWiPay, said the in-principle approval represents an important milestone in the company’s vision of building a globally connected payments platform from GIFT IFSC.
“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,” Chauhan said.
She added that as more Indian businesses expand into international trade and digital commerce, demand for seamless cross-border payment infrastructure continues to grow.
“Our goal is to simplify global transactions and help businesses scale internationally with confidence,” she said.
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 that was later acquired by NTT Data.
The company said its proposed PSP platform aims to address longstanding pain points in international payments, including foreign exchange management, settlement timelines, compliance, and international collections. HiWiPay plans to leverage technology-driven solutions to improve the speed, transparency, and operational efficiency of cross-border transactions.
India’s growing base of SaaS companies, exporters, e-commerce sellers, freelancers, SMEs, and digital service providers increasingly relies on global payment infrastructure as they serve customers across international markets. HiWiPay expects its GIFT IFSC operations to strengthen its ability to support these businesses with regulated cross-border payment solutions.
