Global technology company Wise on Tuesday said it has received in-principle approval from the Reserve Bank of India to operate as a cross-border payment aggregator.
The company said the development reinforces its growing presence in India, where it currently facilitates around 10 per cent of all inbound international remittances.
“Today’s announcement marks another step forward in our mission to give Indians a faster, cheaper, more transparent alternative for their cross-border payment,” S K Saraogi, APAC Head of Expansion, Wise, said.
This new licence will enable Wise to support exporters with a fast and cost-effective way to receive payments from customers abroad, helping them retain more earnings and grow their global footprint, Saraogi said.
The global player is building its presence in India with a full-stack office in Hyderabad, appointing APAC Head of Engineering Smrithi Ravi to lead the new hub.
Wise said it also plans to hire for hundreds of roles over the next few years.
