Buyforex Gets In-Principle PSP Approval at GIFT IFSC
Why in the news
IFSCA gave Buyforex an in-principle nod to work as a payment service provider at GIFT IFSC, supporting the hub’s cross-border payments ambitions.
Key facts
- Entity: Buyforex, wholly owned by EbixCash World Money, a subsidiary of Eraaya Lifespaces Ltd.
- Approver: International Financial Services Centres Authority (IFSCA).
- Distinction: first holder of the Authorised Dealer Category-II (AD-II) licence in its group to win PSP approval at the centre.
| Regulator | PSP role |
|---|---|
| RBI | PSPs operating within India |
| IFSCA | PSPs working from GIFT-IFSC on cross-border and international transactions |
About a PSP
A regulator-licensed firm providing and managing payment services such as e-money and merchant payments.
Exam angle
- GIFT IFSC regulator: IFSCA.
- Licence category: AD-II.