The International Financial Services Centres Authority (IFSCA) has granted in-principle approval to IA Fintech IFSC, a subsidiary of Infibeam Avenues, to operate as a Payment Service Provider (PSP) within Gujarat International Finance Tec-City (GIFT-IFSC).

The approval will allow IA Fintech to offer regulated payment and settlement services, including escrow operations, cross-border remittances, and merchant payment processing, subject to final authorisation and compliance with statutory requirements.

Entities at GIFT-IFSC currently rely largely on traditional correspondent banking routes for international payments, which can involve multiple intermediaries and longer settlement times. The new PSP framework is expected to facilitate faster and more cost-effective cross-border transactio

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