PayGlocal, a Bengaluru-based fintech company, has secured in-principle approval from the International Financial Services Centres Authority (IFSCA) to establish a wholly owned subsidiary as a Payment Service Provider (PSP) in GIFT City. The proposed entity is designed to serve businesses operating in international markets, with plans to offer cross-border money transfers, account services, and merchant payment solutions.
Scope of the IFSCA Approval
The IFSCA approval enables PayGlocal to issue e-money accounts, facilitate cross-border transfers, and provide merchant acquisition services—allowing businesses to accept payments seamlessly. The company has not yet announced when operations will commence or whether final authorization has been obtained.
PayGlocal intends to develop international payment services through its GIFT-IFSC entity while continuing its technology and operational work from India. The subsidiary will serve as a base for these services once all required approvals are in place.
Existing Regulatory Permissions
The GIFT City approval adds to PayGlocal’s existing regulatory footprint. Last year, the company received final authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border, covering both inward and outward payments. Additionally, PayGlocal has registered as a Money Services Business with the U.S. Financial Crimes Enforcement Network (FinCEN), supporting its expansion into the American market.
CEO’s Vision and Future Plans
Prachi Dharani, co-founder and CEO of PayGlocal, emphasized the company’s mission to simplify cross-border money movement for businesses. “PayGlocal is building something from India that can become a trusted part of how businesses transact with the world,” she said. Dharani added that the company aims to make cross-border payments feel as straightforward as domestic transactions.
Looking ahead, PayGlocal plans to help Indian merchants reach overseas customers, enter new markets, and develop localized options for collecting and making payments. The company did not disclose specific markets or a launch timeline.
Company Background
Founded in 2021, PayGlocal serves businesses in exports, retail, travel, education, and software services. Its product suite includes multi-currency accounts, payment gateways, and solutions for international merchants to accept payments from Indian customers via UPI, cards, and netbanking. The platform supports over 130 currencies and more than 40 global and local payment methods. PayGlocal has not specified which of these services the GIFT City entity will offer initially.