Cross-border payments platform HiWi Forex Transaction Services Pvt Ltd (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 the GIFT International Financial Services Centre (GIFT IFSC).
The approval marks a significant milestone for the fintech company as it seeks to build a regulated cross-border payments infrastructure from India’s international financial hub.
Focus on global payment solutions
Following the fulfilment of regulatory requirements and receipt of final authorisation, HiWiPay plans to commence PSP operations at GIFT IFSC.
The company intends to offer a comprehensive suite of cross-border payment services, including international collections, global payouts, foreign exchange treasury management and escrow-based transaction solutions.
The proposed entity will also be authorised to provide cross-border money transfers, merchant acquisition, account issuance, e-money issuance and escrow services, subject to final regulatory approval from IFSCA.
Targets exporters, freelancers and digital businesses
HiWiPay said its platform is being developed to cater to exporters, freelancers, SaaS companies, digital businesses, global service providers, e-commerce sellers and internationally mobile customers.
The company believes India’s rapidly expanding digital export economy requires faster, more transparent and compliant cross-border payment infrastructure, particularly as businesses increasingly serve customers across international markets.
According to HiWiPay, many exporters and digital businesses continue to face challenges relating to international collections, foreign exchange management, settlement timelines and regulatory compliance.
The company aims to address these pain points through technology-driven payment solutions designed to improve transaction speed, transparency and operational efficiency.
Founded by payments industry veterans
HiWiPay was founded by Dewang Neralla and Geeta Chauhan, both veterans of India’s digital payments industry.
The leadership team previously played a key role in building Atom Technologies, one of India’s early digital payments companies, which was later acquired by NTT Data.
Company calls approval a major milestone
HiWiPay Co-Founder Geeta Chauhan 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.”
She added, “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.”