1 year ago
Wise Receives RBI Approval for Cross-Border Payment Operations
Wise, a global tech company, got the green light from India's Reserve Bank to help people send and receive money across borders.
This means Wise can now help Indian businesses get paid by their customers overseas more easily and cheaply.
Wise already handles about 10% of all money sent into India from other countries.
The company is growing its presence in India with a new office in Hyderabad and plans to hire a lot of people in the coming years.
Wise obtained in-principle approval from the Reserve Bank of India (RBI).
The company will operate as a cross-border payment aggregator.
Wise facilitates around 10% of all inbound international remittances in India.
The new license allows Wise to support exporters in receiving payments.
Wise is expanding in India with a hub in Hyderabad and plans to hire hundreds.
- Who
- Wise, a global technology company, and the Reserve Bank of India (RBI).
- What
- Wise received in-principle approval to operate as a cross-border payment aggregator.
- Where
- India; Hyderabad will be the location of a new hub.
- When
- Approval was recently received.
- Why
- To provide a faster, cheaper, and more transparent way for cross-border payments for Indians.
Key facts
- RBI Approval
- Cross-border payment aggregator
- Share of Inbound Remittances
- Around 10%
- India Hub Location
- Hyderabad
- Planned Hiring
- Hundreds
