One97 Communications Limited (OCL) that owns the brand Paytm, on Wednesday, Januray 10, 2024, announced an investment of ₹100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem, ahead of the Vibrant Gujarat Global Summit 2024, in Gandhinagar. The company will make the investment over a period of time and will seek requisite approvals for the same.
“Announcing our plans to invest Rs 100 crore at @GIFTCity_ to offer AI-driven cross border remittance and set up a development centre for innovation,” the company said on X.
With GIFT city as an ideal innovation hub for cross-border activity, Paytm will use its proven capability to innovate and build new tech for users across the globe looking to invest in India. “As the pioneer of real-time payments and settlements in India, the company will replicate its success to now reduce friction in cross-border remittances with faster and cost-effective solutions, driven by Artificial Intelligence,” the company said in a release.
Paytm will also set up a development centre in GIFT City to build the above solutions and provide a technology backbone. This centre is expected to create jobs and house engineers to develop a suite of world-class financial products and services.
Vijay Shekhar Sharma, founder and CEO, said, “GIFT City is set to become a global financial hub, further putting India on the world map for innovation. The strategic investment in GIFT City represents a pivotal step towards building an Artificial Intelligence-driven cross-border remittance and payments technology landscape, presenting global opportunities. This will enable us to deliver fast, reliable, and cost-effective remittance solutions, reducing friction, at a global scale. We are excited about GIFT City serving as an exemplary innovation hub for cross-border activities, enabling overseas investors the flexibility to maintain foreign currency accounts. Furthermore, we intend to leverage this investment to establish a dedicated development center.”