New Delhi, July 1 -- HiWiPay, a a Mumbai-based cross-border payments company, has secured an in-principle approval from the International Financial Services Centres Authority (IFSCA) to establish a wholly owned Payment Service Provider (PSP) subsidiary at GIFT International Financial Services Centre (GIFT IFSC).

The approval gives the company a regulatory pathway to build its international payments business from India's financial gateway for global transactions.

HiWiPay said the proposed PSP will focus on enabling global payments for exporters, freelancers, digital businesses, international service providers, and globally mobile customers.

Once it meets all regulatory requirements and receives final authorisation from IFSCA, the compan...