Fintech Firm HiWiPay Gets IFSCA Nod To Set Up Payment Services Unit At GIFT City

Gandhinagar, Jul 1 (KNN) Cross-border payments platform HiWi Forex Transaction Services Private Limited, operating as 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) at Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC).

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.”

Regulated Infrastructure from India's Financial Hub

“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,” Chauhan noted.

The approval enables HiWiPay to build regulated cross-border payment infrastructure from GIFT IFSC, with a focus on serving exporters, freelancers, digital businesses, global service providers, and internationally mobile customers. 

Subject to fulfilment of regulatory requirements and receipt of final authorisation from IFSCA, the proposed entity will be permitted to offer services including cross-border money transfers, merchant acquisition, account issuance, e-money issuance, and escrow services.

Planned Service Suite

HiWiPay said it plans to launch solutions covering international collections, global payouts, foreign exchange treasury management, and escrow-based transaction services from GIFT IFSC once operations are established.

Addressing a Market Gap

The company emphasised that it aims to address persistent challenges faced by Software as a Service (SaaS) companies, digital service providers, freelancers, e-commerce sellers, and small and medium enterprises (SMEs) around international collections, foreign exchange management, settlement timelines, and compliance, through technology-led solutions designed to improve speed, transparency, and operational efficiency in cross-border transactions.

(KNN Bureau)