India, Oct. 28 -- Listed fintech company Infibeam Avenues's subsidiary, IA Fintech, yesterday received in-principle approval from the International Financial Services Centres Authority (IFSCA) to operate as a payment service provider (PSP).

In a filing with the exchanges, the company said that the approval will enable its subsidiary to offer escrow service, cross-border money transfer and acquire merchants via GIFT City.

". We are pleased to inform that. IFSCA. granted in-principle approval to our wholly-owned subsidiary company i.e. IA Fintech IFSC Private Limited. to act as a payment service provider (PSP) in GIFT-IFSC.," the company said in the filing.

With this, Infibeam Avenues will now be allowed to launch payment and settlement ...