NewsStocksPayoneer India Receives RBI In-Principle Approval for Cross-Border Payment Aggregator OperationsPayoneer India Receives RBI In-Principle Approval for Cross-Border Payment Aggregator Operations
Payoneer India has received in-principle approval from the Reserve Bank of India to operate as a payment aggregator-cross border (PA-CB), enabling comprehensive import and export transaction solutions. The fintech firm serves customers across over 190 countries through nearly 100 banking partnerships and operates as a regulated entity in major financial jurisdictions including the US, Europe, UK, Hong Kong, Japan, Singapore, China, and Australia.
*this image is generated using AI for illustrative purposes only.
Payoneer India has achieved a significant regulatory milestone by securing in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator-cross border (PA-CB). This approval positions the fintech firm to facilitate both inward and outward transactions, expanding its operational capabilities in the Indian market.
Regulatory Approval Details
The PA-CB authorization enables Payoneer India to provide comprehensive cross-border payment solutions for both import (outward) and export (inward) transactions. This regulatory approval represents a crucial step in the company's expansion strategy within India's growing digital payments ecosystem.
| Authorization Details: | Information |
|---|---|
| Regulatory Body: | Reserve Bank of India (RBI) |
| License Type: | Payment Aggregator-Cross Border (PA-CB) |
| Transaction Types: | Inward and Outward |
| Business Focus: | Import and Export Payments |
Global Operations and Network
Payoneer maintains an extensive international presence, supporting customers across over 190 countries and territories. The company leverages a robust network of nearly 100 banking and payment service provider partnerships to deliver its services globally.
Rohit Kulkarni, CEO of Payoneer India, emphasized the significance of this approval: "With the PA-CB authorisation, we will be equipped to provide comprehensive cross-border payment solutions for both import (outward) and export (inward) transactions."
Regulatory Compliance Framework
Payoneer operates as a regulated entity across multiple major financial jurisdictions, demonstrating its commitment to regulatory compliance and operational excellence. The company maintains regulatory status in several key markets:
- United States
- Europe
- United Kingdom
- Hong Kong
- Japan
- Singapore
- China
- Australia
This extensive regulatory footprint positions Payoneer to serve businesses engaged in international trade and cross-border transactions effectively. The RBI approval adds India to this list of regulated jurisdictions, enabling the company to offer localized services while maintaining its global operational standards.
18
