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PayGlocal receives IFSCA in-principle approval to establish payment service provider in GIFT City

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PayGlocal receives IFSCA in-principle approval to establish payment service provider in GIFT City

Cross-border payments company PayGlocal has received in-principle approval from the International Financial Services Centres Authority (IFSCA) to establish a wholly owned subsidiary (WoS) as a Payment Service Provider (PSP) in GIFT-IFSC.

The approval covers account issuance, including e-money accounts, cross-border money transfers and merchant acquisition, giving PayGlocal a regulated base to serve businesses operating across markets.

Last year, the company received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator Cross Border (PA-CB) for inward and outward transactions. It has also started expanding into the US following its registration as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN).

With the GIFT-IFSC approval, PayGlocal is adding another layer to its global footprint. GIFT City will provide the company with a base to develop payment capabilities for international businesses while continuing to build its core technology and operations from India.

According to PayGlocal, it will focus on building capabilities to support Indian merchants wherever their customers are. Over time, the company also aims to support businesses globally, with expansion into more markets and a focus on developing local capabilities for cross-border collections, payments and money movement.

Founded in 2021 by Prachi Dharani, Rohit Sukhija and Yogesh Lokhande, PayGlocal enables Indian and global businesses to accept payments across markets. The startup serves merchants across export, retail, travel, education and SaaS, and supports payments in over 130 currencies and more than 40 global and local payment methods.

The company is backed by Tiger Global, Peak XV (formerly Sequoia Capital India) and BEENEXT.


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