Skydo has received final authorisation from IFSCA to operate as a payment service provider in GIFT City, allowing it to build multi-currency accounts.
India-based cross-border payments platform Skydo received in-principle authorisation from the International Financial Services Centres Authority (IFSCA) in May 2026, and the final approval now allows it to develop a wider range of products from the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City). Planned products include multi-currency accounts, merchant acquiring and collections, and payment infrastructure for exporters, investment platforms, trade finance companies, and other businesses operating in the IFSC.
Multi-currency accounts for exporters
A key planned product is an IFSC-based multi-currency account for eligible Indian exporters. Most exporters currently convert foreign currency receipts into rupees soon after receiving them, whereas the account would allow them to collect and hold foreign currency, use it to pay overseas suppliers, or convert it when needed, subject to regulatory requirements. Skydo also plans to build payment infrastructure for platforms offering overseas investments, including US equities, and collection and settlement services for export factoring and trade finance providers, potentially including escrow where permitted.
Prashanth Kumar, Head of Banking and Enterprise Business Development at Skydo, described GIFT City as a natural next step that complements the company’s payments infrastructure in India and abroad. According to Kumar, the licence allows Skydo to offer multi-currency products for collecting, holding, and paying funds, and to serve GIFT City’s financial services companies, making their products more accessible to global users. GIFT City is developing as a hub for funds, lending, insurance, and treasury operations, increasing demand for payment links to international markets.
Expanding regulatory footprint
Skydo serves more than 50,000 businesses and processes more than USD 1 billion in annualised payment volume. It holds Reserve Bank of India authorisation as a Payment Aggregator – Cross Border for export collections and outward payments, and in Canada is registered with FINTRAC and approved by the Bank of Canada under the Retail Payment Activities Act. Awadhesh Ranjan, Head of Risk and Compliance at Skydo, stated that the company treats compliance as a design principle, and that the licence supports payments that are simple for customers and safe for the system.
The approval comes as India seeks to expand its role in global trade. The country is targeting USD 2 trillion in exports by fiscal year 2030-31, with micro, small, and medium enterprises accounting for a significant share. Cross-border payments are also a policy priority, with India’s 2026 BRICS Chairship placing faster, cheaper, and more interoperable cross-border payments on the group’s agenda. Skydo is backed by Elevation Capital and Susquehanna Asia Venture Capital.
