Wise, an international payments service, has received in-principle approval from the Reserve Bank of India (RBI) to operate as a cross-border payment aggregator, CNBC reported on Tuesday.

The license will allow the global financial technology firm to support Indian exporters with a faster and more cost-effective way to receive payments from international customers.

The development is expected to boost Wise’s operations in India, where the company currently facilitates about 10% of inbound international remittances.

With the new approval, Wise aims to help local businesses retain more of their earnings and expand globally by offering them a streamlined cross-border payment experience.

The company is continuing to scale up its presence in the country.

It has established a full-stack office in Hyderabad, led by APAC Head of Engineering Smrithi Ravi.

Wise also plans to significantly expand its team, with hundreds of new hires projected over the coming years.

Featured image: Edited by Fintech News Singapore, based on image by Wise