Fintech infrastructure platform Decentro announced it has received final approval for a Payment Service Provider (PSP) licence from the International Financial Services Centres Authority (IFSCA) at GIFT City, strengthening its presence in the cross-border payments space.
With this, Decentro has become the first Indian payment aggregator to secure the approval.
With the licence, Decentro has established an entity in GIFT City and plans to offer a full-stack cross-border payments infrastructure for global businesses.
This infrastructure will include multi-currency accounts, international collections, settlements and escrow services, according to a statement issued by the company.
The company said this move would enable it to tap into the global cross-border payments market, estimated at around $200 trillion, while leveraging GIFT City's growing role as an international financial hub.
"With over 700 businesses already operating in GIFT City and demand for global payments infrastructure rising rapidly, this licence is our first step towards addressing key pain points in cross-border transactions, including compliance, payments and multi-currency account management," Decentro Founder and CEO Rohit Taneja said.
The company said it joins a select group of around 60 fintech entities operating within India's first International Financial Services Centre (IFSC).
According to Decentro, its GIFT City operations will focus on four key offerings -- merchant acquisition services, virtual account issuance, cross-border money transfer services and escrow services for high-value transactions.
The merchant acquisition service will support onboarding of businesses through the company's KYC and compliance technology stack, while virtual accounts will help enterprises manage collections and settlements across multiple currencies.
Its cross-border money transfer platform will enable businesses to make payments to overseas vendors, receive international payments and manage corporate treasury operations across jurisdictions.
To support its international expansion plans, Decentro said it has strengthened its leadership team across business development and banking partnerships and adopted a compliance-focused operating model aligned with both domestic and international regulations.
The company said its operations under IFSCA oversight and in partnership with designated banks would provide enterprises with a regulated framework for large-scale international transactions.
Decentro currently processes billions of dollars in annual transaction volumes across its Indian operations and aims to extend its technology and payments infrastructure capabilities to global markets through its GIFT City presence. PTI
