In a significant development, EximPe has obtained in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator – Cross Border (PA-CB). This approval is set to enhance cross-border digital transactions and e-commerce trade, specifically within the India-Asia region.
Background
The PA-CB framework by RBI regulates payment aggregators facilitating cross-border transactions, ensuring secure movement of funds internationally. Stringent norms around compliance, data security, and capital requirements must be met by companies seeking this license. EximPe now joins a list of RBI-recognized players in this sector.
Significance of the Approval
- EximPe gains a competitive advantage in India’s cross-border payment sector post this regulatory approval.
- The company, having processed over $450 million, is poised for expansion in digital services, B2B trade, and cross-border e-commerce.
- It can now enhance pay-ins and pay-outs for SMEs, simplifying transactions in international markets.
Objectives and Expansion Plans
Founder Arjun Zacharia envisions EximPe growing 10X by FY26, focusing on exponential growth in Asian markets. The company aims to ease regulatory compliance, currency conversion, and settlement procedures for exporters and digital service providers. It aims to strengthen payment infrastructure for SMEs.
Funding and Investor Support
- Backed by $3.5 million in equity funding, EximPe is well-supported as it expands operations.
- Having worked with over 5,000 SMEs, the company is seen as a dependable partner.
- The funding will be utilized for technology upgrades, market expansion, and enhancing customer support systems.
Key Takeaways for Competitive Exams
- EximPe secures RBI approval to operate as a Payment Aggregator – Cross Border (PA-CB).
- This move is poised to boost cross-border digital transactions and e-commerce trade in the India-Asia corridor.
- The company aims to simplify payment processes for SMEs and enhance services in digital trade and cross-border e-commerce.
- EximPe plans to grow 10X by FY26, focusing on Asian markets and supporting SMEs in navigating international trade.
- Backed by $3.5 million in equity funding, EximPe aims to upgrade technology, expand markets, and improve customer support.
