National, India | May 20 2026: Skydo, a cross-border payments platform for Indian exporters and businesses, has received in-principle approval to operate as a Payment Service Provider (PSP) at Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC), making it among the first cross-border fintechs to secure a GIFT City licence.
GIFT City IFSC gives Skydo access to a globally aligned financial ecosystem designed specifically for international financial services. Unlike India’s domestic financial system, which is primarily designed around INR-denominated flows and local financial activity, GIFT City enables companies to build products and infrastructure tailored for businesses operating across borders.
The approval enables Skydo to expand capabilities such as multi-currency collections, e-money accounts and merchant acquisition, while building new payment corridors for Indian businesses operating globally. Over time, this also creates the foundation for more globally native financial products for Indian businesses.
Skydo has also received regulatory approval to support outward payment flows under the Reserve Bank of India’s Payment Aggregator-Cross Border (PA-CB) framework. Earlier this year, the company secured final authorisation from the RBI to operate as a PA-CB for export collections.
With these approvals, Skydo can support both sides of a business’ global payment journey. Indian companies will be able to receive payments from international clients and make payments to overseas vendors, software platforms, service providers and partners through a compliant and streamlined platform. Skydo currently serves more than 40,000 Indian businesses across 50+ cities and supports collections from 150+ countries.
Srivatsan Sridhar, Co-founder and CEO of Skydo, said, “GIFT City marks an important step in India’s ambition to build globally competitive financial infrastructure. With the PA-CB Outward approval and the GIFT City In-Principle Authorisation, we can support both sides of a business’ global payment journey in a simple and compliant way. For MSMEs and digital-first businesses, this means better access to global payment corridors, improved currency management and more efficient cross-border transactions.”
The expansion comes as India’s cross-border payments ecosystem is evolving rapidly, with businesses becoming increasingly global in how they sell, buy and operate. With India targeting $2 trillion in exports by FY30 and MSMEs contributing nearly 45% of exports, reliable infrastructure for both Indian businesses going global and global businesses entering India is becoming critical.
Movin Jain, Co-founder, Skydo, said, “The combination of these frameworks brings greater regulatory clarity and flexibility for fintechs to build compliant and innovative products. As GIFT City evolves into a global financial hub, multi-currency capabilities and globally aligned regulatory and risk standards will give Indian businesses a stronger foundation to scale internationally.”
Skydo currently supports collections in multiple currencies and enables exporters to receive payments locally from international clients with transparent pricing and faster settlements. The company will continue to expand its product stack, enter new geographies and build for emerging cross-border payment use cases.
