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Skydo Obtains In-Principle Approval from RBI as a Payment Aggregator for Cross-Border Transactions.

Banking & Finance | Dated: 24 Jan 2025

On 21 January 2025, Skydo Technologies Private Limited, a cross-border fintech company based in Bengaluru, Karnataka, received in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator for Cross-Border (PA-CB) payments.

🎯 Key Highlights:

  • - Skydo also obtained approval as a Payment Service Provider (PSP) from Amazon, the American multinational technology company based in Washington, USA. This approval allows Skydo to process payments for exporters who are part of Amazon's Global Selling program.
  • - Founded in 2022, Skydo is one of the first companies in the cross-border payments industry to receive RBI’s approval. It mainly helps small and medium-sized businesses, as well as freelancers, by offering virtual foreign accounts to receive international payments.

💡 Other Important Facts:

  • (i) The company works with global banks to offer a complete solution for invoicing, payments, and reconciliation, processing over USD 250 million in annual export payments.
  • (ii) Currently, only five companies have received final approval from the RBI to operate as PA-CB, including Adyen India Technology Services Private, Amazon Pay India Private Limited, Cashfree Payments, IndiaIdeas.com, and Pay10 Services Private Limited.

📚 Test Your Knowledge:

Recently, which company obtained in-principle approval from RBI to act as a payment aggregator for cross-border transactions?

Correct Answer: Skydo

🚀 Quick Recap:

About RBI

  • Governor : Sanjay Malhotra
  • Headquarter : Mumbai