Paytm plans ₹100 crore investment in GIFT City for AI-driven cross-border remittance
10 Jan 2024
Paytm, the leading payments and financial services company owned by One97 Communications Limited (OCL) is set to invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to foster a global financial ecosystem. The announcement was made on Wednesday, 10 January 2024, just ahead of the ‘Vibrant Gujarat Global Summit 2024’.
The investment, to be made over a period of time pending requisite approvals, underscores Paytm’s commitment to leveraging GIFT City as an innovative hub for cross-border activities. The company, renowned for pioneering real-time payments and settlements in India, aims to replicate its success by introducing faster and more cost-effective solutions for cross-border remittances, all powered by artificial intelligence.
In addition to addressing cross-border challenges, Paytm plans to establish a development center within GIFT City. This center will serve as the epicenter for building cutting-edge solutions and providing a robust technology backbone. The initiative is expected to generate employment opportunities and house a team of skilled engineers dedicated to creating a suite of world-class financial products and services.
Vijay Shekhar Sharma, Founder and CEO of Paytm, expressed enthusiasm about GIFT City becoming a global financial hub, propelling India’s position on the world stage of innovation. He emphasized that strategic investment in cross-border remittance and payment technology is opening doors to global opportunities.
Sharma mentioned that the development would allow them to provide speedy, dependable, and cost-effective remittance solutions, thereby minimizing friction on a global scale. He expressed enthusiasm about GIFT City playing the role of an exemplary innovation hub for cross-border activities, granting overseas investors the flexibility to maintain foreign currency accounts. Moreover, Paytm intends to capitalize on this investment to create a dedicated development center, added Sharma.