Whalesbook
Skydo Boosts Global Payments with New Approvals
Skydo has achieved a significant milestone with new regulatory approvals from GIFT City and the Reserve Bank of India. This allows the company to enhance its cross-border payment services, including more advanced multi-currency collections and increased support for Indian exporters.
New Payment Infrastructure in GIFT City
The approvals from the International Financial Services Centres Authority (IFSCA) enable Skydo to build essential payment infrastructure within GIFT City. This move is expected to drive innovation in international payment channels and improve trade efficiency for businesses. Skydo can now offer better multi-currency collection solutions and onboard more merchants in the specialized financial zone.
RBI Authorization Supports Exporters
With final authorization from the Reserve Bank of India, Skydo can now operate as a Payment Aggregator-Cross Border. This specific role helps facilitate inward payments for Indian exporters, making it easier and more compliant for businesses to receive funds from international clients. These regulatory wins position Skydo to serve a wider range of businesses, from small enterprises to larger, digitally focused companies.
CEO: A Key Step for Global Finance
Skydo Co-founder and CEO Srivatsan Sridhar stated that GIFT City is vital for India's goal of creating globally competitive financial infrastructure. He believes these dual approvals will help Skydo offer smoother global payment experiences. The enhancements are expected to give small and medium-sized businesses (MSMEs) better access to international payment routes and currency management tools.
India's Export Goals and Skydo's Role
Skydo currently serves over 40,000 businesses in India and handles collections from more than 150 countries. The company stands out with clear pricing and fast settlements. This expansion supports India's target of reaching $2 trillion in exports by 2030-31, with MSMEs playing a key role. The Indian fintech sector is seeing more regulation and growth, with companies like Skydo using GIFT City as a center for international finance. Competitors such as Wise and Payoneer are also growing their services, showing a strong market need for efficient international payments. Skydo's existing reach, processing collections from over 150 countries, will be strengthened by these new approvals.