Fintech platform Niyo has secured a Payment Service Provider (PSP) licence from the International Financial Services Centres Authority (IFSCA) to operate from GIFT City, as the company looks to expand its cross-border financial services beyond travel forex.
The licence will allow Niyo to build and offer international financial solutions from GIFT City, the company said on Tuesday (September 8).
Niyo currently operates in the travel forex segment and plans to broaden its offerings to cover other cross-border requirements, including international education, employment, spending and money transfers.
The company’s GIFT City expansion comes after its recent acquisition of Capital India Finance’s forex business, which operates under the RemitX brand. Niyo said the acquisition increased its branch network by more than four times, expanding its physical presence across India.
The company is also scaling its digital infrastructure alongside its branch network, with the aim of offering cross-border services through both physical branches and its app.
The globalising consumer is no longer defined by travel alone. International education, employment, spending, and money movement are becoming an increasingly important part of consumers’ financial lives,” said Sai Sankar, chief business officer at Niyo Forex.
