Infibeam Avenues receives in-principle approval to operate as payment service provider at GIFT-IFSC

Infibeam Avenues Ltd said on Tuesday that the International Financial Services Centers Authority (IFSCA) has granted in-principle approval to its subsidiary IA Fintech IFSC Private Ltd (IA Fintech) to operate as Payment Service Provider (PSP) at Gujarat International Finance Tec-City – International Financial Services Center (GIFT-IFSC). announced that he gave This approval allows IA Fintech to offer digital payment and cross-border financial services, including escrow account transactions, cross-border money transfer facilitation and merchant acquisition.

Located in Gandhinagar, Gujarat, GIFT-IFSC is a special economic zone (SEZ) and international financial centre. IFSCA, a regulatory body established by the Government of India, oversees financial products, institutions and services in the GIFT-IFSC or SEZ ecosystem.

Digital Settlement Infrastructure

Infibeam Avenues Fintech’s PSP framework aims to streamline transactions through digital payment infrastructure, offering almost instantaneous, cost-effective and transparent cross-border transactions, an official statement said. Currently, many firms within GIFT-IFSC use traditional correspondent banking arrangements for international payments, which can take up to 36-48 hours and incur higher costs.

“We are delighted with this approval and deeply grateful to the IFSCA for their confidence in our fintech capabilities,” said Vishal Mehta, Chairman and Managing Director, Infibeam Avenues Ltd. “This opportunity marks a significant expansion of our business and creates a new, high-potential revenue stream that can meaningfully contribute to our overall growth.”

The GIFT-IFSC ecosystem includes more than 16 Alternative Investment Funds (AIFs), 75 broker-dealers, 16 bullion trading entities, 23 aircraft charter companies, 9 charter companies, 118 IFSCA-approved qualified jewelers and 94 fund management firms. These organizations represent an important market for IA Fintech’s services. GIFT-IFSC is expected to capture financial opportunities worth over USD 500 billion across various sectors.

Upon receipt of final authorization and satisfaction of regulatory requirements, IA Fintech will be permitted to provide escrow services, enable cross-border remittances, and facilitate merchant settlement and settlement transactions.

Disclaimer: This article was created using AI tools and has been editorially reviewed for clarity and consistency.