Global fintech firm Wise has received in-principle approval from the Reserve Bank of India (RBI) to operate as a cross-border payment aggregator, a move that significantly strengthens its operational footprint in one of the world’s largest remittance markets. This regulatory milestone aligns with Wise’s broader ambition to offer faster, more transparent, and cost-effective international money transfers. Currently facilitating approximately 10% of all inbound remittances into India, Wise aims to scale its services for Indian exporters and consumers alike. The firm is also deepening its investment in the country, establishing a technology hub in Hyderabad and expanding its regional workforce.
RBI Approval Marks Strategic Breakthrough for Wise in India
Wise, a UK-based financial technology company formerly known as TransferWise, announced on Tuesday that it has received preliminary regulatory clearance from the Reserve Bank of India to act as a cross-border payment aggregator. This in-principle approval represents a critical step in the firm’s India strategy, allowing it to broaden its service offerings in the country’s rapidly expanding digital payments landscape.
India, the world's largest recipient of remittances, continues to attract fintech giants seeking to tap into the cross-border payments segment. The RBI’s regulatory nod not only signals institutional confidence in Wise’s compliance and operational standards but also positions the company to play a more active role in facilitating international trade and financial inclusion.
Enabling Exporters With Efficient Payment Solutions
One of the most impactful outcomes of this license will be Wise’s enhanced ability to support Indian exporters. By offering quicker and more affordable payment settlement services for inbound international transactions, the company aims to help small and mid-sized enterprises retain greater value from their overseas contracts.
“Indian exporters will now have a reliable, cost-efficient channel to receive payments from global clients—one that minimizes friction and maximizes earnings,” said S.K. Saraogi, Head of Expansion for the Asia-Pacific region at Wise. The feature is expected to be especially beneficial to micro, small, and medium enterprises (MSMEs), which often struggle with high conversion fees and delayed remittances in traditional banking systems.
Operational Expansion: Hyderabad Tech Hub and Talent Acquisition
Wise is simultaneously investing in building a robust local infrastructure. The company has launched a full-stack office in Hyderabad to serve as its regional technology and innovation hub. The new centre will be led by Smrithi Ravi, recently appointed as APAC Head of Engineering. Under her leadership, the Hyderabad team will focus on developing localized solutions that meet the unique requirements of Indian customers.
In alignment with its long-term growth objectives, Wise also announced plans to recruit hundreds of professionals in India over the coming years. These roles will span across product development, compliance, engineering, and customer service—underscoring the company’s commitment to becoming a cornerstone player in India’s fintech ecosystem.
India’s Evolving Cross-Border Payments Landscape
India's digital payments sector is undergoing rapid evolution, supported by a progressive regulatory framework, increasing smartphone penetration, and a tech-savvy population. With over USD 100 billion in remittances received annually, the country presents a fertile market for global players like Wise that offer speed, transparency, and cost advantages over traditional financial institutions.
The RBI has been cautious but supportive of innovation in the cross-border payments domain. Its regulatory sandbox initiatives and phased licensing approach aim to strike a balance between promoting innovation and safeguarding consumer interests. Wise’s approval adds to the growing list of global fintechs that have secured a foothold in the Indian market under these calibrated conditions.
Conclusion: A Catalyst for Digital Trade and Financial Inclusion
Wise’s in-principle approval from the RBI reflects both strategic foresight and operational preparedness. As the company expands its offerings and scales its workforce in India, it stands to become an integral player in advancing the country’s digital financial infrastructure. From supporting global trade to empowering individuals with better remittance options, Wise’s expanded role in India aligns with broader national goals of economic modernization and inclusive growth.
This development not only validates India’s appeal as a global fintech hub but also serves as a case study for how agile, regulation-compliant innovation can thrive in complex, high-potential markets.
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