EbixCash's Buyforex Lands PSP Approval in GIFT IFSC: A Milestone for Global Payments

EbixCash World Money, a renowned player in the realm of international payments, has received in-principle approval for its subsidiary Buyforex to act as a Payment Service Provider in GIFT IFSC. This achievement sets the stage for enhanced cross-border payment capabilities, reinforcing India's vision to become a global financial hub.

EbixCash World Money has achieved a significant milestone with its subsidiary Buyforex obtaining in-principle approval to operate as a Payment Service Provider at GIFT IFSC. Granted by the International Financial Services Centres Authority, this approval marks the first for an Authorised Dealer Category-II entity in the competitive financial landscape.

Buyforex will now provide four essential payment services including account issuance, e-money issuance, merchant acquisition, and cross-border fund transfers, all under a regulated framework designed to bolster India's position as a key player in global finance. EbixCash CEO Mr. T C Guruprasad celebrated the approval, emphasizing its alignment with compliance-led growth and international scalability.

This strategic approval not only strengthens EbixCash's footprint in the payment services market but also supports the vision to transform GIFT IFSC into a premier financial hub. With comprehensive technology-driven solutions, the company is well poised to support global commerce using India's regulatory landscape as a springboard.

(With inputs from agencies.)