Key Development
WSFx Global Pay Ltd. has received an expanded Authorised Dealer Category II (AD II) licence from the Reserve Bank of India (RBI) under FEMA 2026 (Notification No. FEMA 401/2026). The licence is perpetual and significantly broadens the scope of foreign exchange and cross-border payment services the company is authorized to offer.
Enhanced Authorization Details
The expanded licence authorizes GlobalPay to:
- Undertake all eligible non-trade current account transactions (except gift and donation)
- Facilitate inward and outward trade remittances up to INR 25 lakh
- Appoint Forex Correspondent Agencies to expand the reach of regulated foreign exchange services across the country
Business Impact
The approval enables the company to support a wider range of customer requirements across international trade, remittances and foreign exchange. It enhances GlobalPay's ability to cater to individuals, students, travellers, corporates, exporters, importers and financial institutions through a comprehensive suite of RBI-regulated foreign exchange and cross-border payment services.
Management Commentary
Srikrishna Narasimhan, CEO & Whole-Time Director, stated: "This expanded Authorised Dealer Category II licence marks an important milestone in GlobalPay's growth journey and reinforces our vision of building India's most trusted cross-border payments platform. This enhanced authorisation allows us to meet evolving customer needs through a broader suite of regulated services while maintaining the highest standards of governance, transparency and customer trust."
Company Background
WSFx Global Pay Ltd is a RBI AD II, BSE-listed company with 25+ branches pan-India and robust network of 850+ corporates and 650+ agents. The company operates in global payments, forex cards, and international money transfer services.