Escrowpay, a pioneer in the Fintech and escrow banking space, is pleased to announce a major turning point in its quest for excellence. The company, Gift City, has achieved a significant milestone in its dedication to compliance and innovation in digital payments by receiving the first regulatory fintech authorization for digital escrow from IFSCA.

The Digital Escrow Regulatory Authorization is evidence of Escrowpay's steadfast commitment to offering 70 million SMEs in India safe and effective finance solutions. With this approval, Escrowpay is positioned in the fintech industry as a trustworthy and accountable participant subject to regulatory monitoring. Recognised for its creative digital escrow solutions, Global Financial Markets, UK has named Escrowpay the winner of the "Best Escrow Platform Asia 2023" award. The company has handled transactions totaling more than INR 15,000 crores and offers digital escrow services to over 3000 clients nationwide, including MSMEs, unicorns, listed companies, and rising digital-first organisations.

Ashwin Chawwla, Managing Director of Escrowpay, expressed his enthusiasm, stating, "We are delighted to have the IFSCA Regulatory Fintech Authorization". We are the first digital escrow platform in India, and we have also received authorization first. We're excited to keep working towards our goal of improving escrow banking's affordability, accessibility, and security for all consumers.

With this authorization, the business will be allowed to start conducting cross-border transactions in more than 14 different currencies and broaden its range of services. We would want to express our gratitude to our clients, banking partners, and the hardworking and committed Escrowpay team for making this important milestone possible as we celebrate.