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Crypto exchange OKX receives in-principle approval for Singapore payments licence
Economic Times
·
1y ago
Medial
Cryptocurrency exchange OKX's Singapore subsidiary has received in-principle approval for a payments license from the Monetary Authority of Singapore. This license will enable OKX to offer digital payment token and cross-border money transfer services in Singapore, positioning the country as a key market for the company. The approval comes as the crypto market experiences significant growth and bitcoin reaches record highs. Prior to this, OKX obtained a regulatory license in Dubai earlier this year to provide crypto services to retail clients.
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Crypto exchange OKX ends services in India due to regulatory hurdles, asks users to withdraw funds
IndianStartupNews
·
1y ago
Medial
Seychelles-based cryptocurrency exchange OKX has suspended its services in India due to regulatory challenges and non-compliance with anti-money laundering laws. The company's app was pulled from major app stores in the country, prompting the exchange to advise Indian users to close their accounts and withdraw funds by the end of April 2024. The move comes after the Financial Intelligence Unit of India targeted several crypto exchanges for operating without proper registration. Despite the suspension in India, OKX continues to expand globally, having secured licenses in Singapore and Dubai. OKX is currently the 18th largest cryptocurrency exchange by volume.
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Skydo secures RBI licence to offer cross-border payments
Economic Times
·
6m ago
Medial
Skydo Technologies, a Bengaluru-based cross-border payments company, has received in-principle approval from the Reserve Bank of India to operate as a Payment Aggregator-Cross Border entity. With this license, Skydo plans to expand its offerings, simplify cross-border payments for over 12,000 Indian exporters, and increase its payments volume significantly. Additionally, it has secured Payment Service Provider approval from Amazon, enhancing its services for exporters in Amazon's Global Selling program. The company aims to broaden its operations to include credit and treasury services.
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Crypto firm Ripple secures Singapore payments licence
Economic Times
·
1y ago
Medial
Ripple, a prominent crypto company, has recently obtained a major payments license in Singapore. This license will enable Ripple to expand its services in the Southeast Asian region and tap into the growing digital payment market. The license also signifies a significant milestone for Ripple in its mission to revolutionize cross-border payments using blockchain technology.
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Ahead of IPO, PayU receives final Payment Aggregator license
Entrackr
·
2m ago
Medial
Ahead of IPO, PayU receives final Payment Aggregator license PayU has received final authorization from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator. This allows the fintech firm to onboard new merchants onto its platform. In April 2024, PayU received in-principle approval from the RBI to operate as a payment aggregator. “As we move forward, we remain dedicated to building a resilient, compliant, inclusive, and innovation-driven institution—one that serves merchants of all sizes and contributes meaningfully to the Digital India vision of the RBI and the Government,” said a PayU spokesperson. The development comes at a time when PayU is planning for its IPO, eyeing a public listing during the second half of 2025. The company also appointed Pramod Rao as its Chief Risk Officer, who will oversee risk management, regulatory compliance, and strengthen the organization’s financial and operational risk framework. PayU has acquired a 43.5% stake in real-time payments technology firm Mindgate Solutions, enhancing its footprint in India’s real-time payments space and leveraging Mindgate’s expertise to drive digital payment innovation globally. Several other startups have secured authorization from the RBI as payment aggregators. MobiKwik’s subsidiary Zaakpay and PB Fintech’s subsidiary PB Pay received in-principle approval, and BharatPe’s Resilient Payments was granted final approval. Earlier this year, cross-border payments company Skydo received in-principle authorization from the RBI to operate as a Payment Aggregator-Cross Border (PA-CB) entity.
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Xflow receives RBI’s approval to operate as cross-border payments aggregator
IndianStartupNews
·
7d ago
Medial
Xflow, a cross-border payments platform, has received in-principle authorization from the Reserve Bank of India to act as an online payment aggregator for cross-border transactions. This approval covers both export and import flows, strengthening Xflow's market position and facilitating global payments for businesses. Xflow plans to serve 30,000 businesses by year-end. The company has also launched India's first AI-powered tool for tracking currency trends, backed by investors like Lightspeed and Stripe.
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Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence
Entrackr
·
1y ago
Medial
Infibeam Avenues has received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator under the Payment Settlements Act, 2007 for its payment gateway brand – CCAvenue. While Infibeam Avenues already received “in-principle” approval from the RBI late last year, the apex banking body has granted the final licence. RBI had introduced the payment aggregator framework in March 2020. Infibeam Avenues offers digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The company’s payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks. Its enterprise software platform provides an online marketplace for government procurement. Razorpay, Cashfree, and Open were the first set of players to get the regulatory nod in December last year. Zomato, DigiO, Google, and Tata Digital among others are the other major players to get the payments licence. Infibeam Avenues claims that it has more than 10 million merchants on its platform and crossed half a million merchant onboarding in the first half of FY24. Infibeam Avenues had earlier launched CCAvenue mobile app, which is an advanced omni-channel payment app where its app features a pin-on-glass SoftPoS solution – CCAvenue TapPay for Merchants and Kiranas across the country. Infibeam Avenues had shown strong growth and this could be evident from its Q3 FY24 numbers. Its revenue from operations grew 15.4% to Rs 912 crore in Q3 FY24 whereas the firm also managed to grow its profit marginally to Rs 40.8 crore during the above mentioned period.
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Crypto Exchange OKX Halts Services In India Due To Regulatory Issues
Inc42
·
1y ago
Medial
Cryptocurrency exchange OKX has announced that it will suspend its services in India due to regulatory issues. The exchange has instructed its users to close all margin positions and withdraw funds by April 30. This move follows the show-cause notices sent to several offshore exchanges, including OKX, by India's finance ministry for non-compliance with anti-money laundering laws. The decision comes at a challenging time for the Indian crypto ecosystem, with high taxation and regulatory concerns leading to layoffs and shutdowns of crypto startups. Indian exchanges have seen a surge in demand following the recent rally in Bitcoin.
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RBI grants payment aggregator licence to Mswipe Technologies
Economic Times
·
1y ago
Medial
Mswipe Technologies has obtained a payment aggregator (PA) license from the Reserve Bank of India (RBI). The company, which provides digital payment solutions to merchants, had received an in-principle approval from the RBI earlier this year. Mswipe aims to diversify and become a full-stack payments player by offering its payment gateway services to mid-tier businesses. The RBI has granted PA licenses to a total of 16 entities, including Juspay, Stripe, Google, Zoho, and Zomato, while others like PhonePe, Pine Labs, and Billdesk are still awaiting final authorization.
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Now, Innoviti Bags Payment Aggregator Licence From The RBI
Inc42
·
1y ago
Medial
India-based digital payments solutions company, Innoviti, has obtained an online payment aggregator (PA) licence from the Reserve Bank of India (RBI). Innoviti's PA, 'Innoviti Link', currently serves around 2,500 online merchants. This approval comes two years after Innoviti received in-principle permission to operate as a PA. The company offers payment processing solutions, point of sale terminals, and customer relationship management solutions to retailers. Innoviti claims to process over $10bn in purchase volume annually and has a presence in 28 Indian states. The RBI has been actively issuing PA licences to digital payment players, with a total of 13 granted in 2024.
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Crypto exchange OKX shuts ops in India citing regulatory hurdles
Entrackr
·
1y ago
Medial
OKX, one of the largest crypto exchanges in terms of trading volume, is shutting down its services in India. Citing local regulatory hurdles, the Seychelles-headquartered exchange notified its users in the country to close their accounts and redeem funds before April 30. In an email notification to its users, OKX informed that customers will be able to withdraw only funds, while all the other services will be unavailable. The development comes months after the show cause notice was released by Financial Intelligence Unit India (FIU IND) to nine crypto exchanges including Binance, Kucoin, Huobi, Kraken, Gate.io, and Bittrex, among others. However, the notice did not mention OKX. Meanwhile, OKX is strengthening its services in other regions as it secured licenses in Singapore and Dubai, and launched trading with the local currency of Turkey. Despite a surge in Bitcoin prices over the past few weeks, cryptocurrencies exchanges are finding it hard to operate in the Indian market. While Binance is facing a partial ban in India, global exchanges like Coinbase, Koinex and Indian-origin companies like Pillow and Flint have already shut their operations down in the country. India’s top crypto unicorns including CoinDCX and CoinSwitch have also faced challenges in the past 12 months as they went through layoffs and cost-cutting measures. Notably, both companies saw a significant decline in their operating revenue in FY23.
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