One97 Communications Limited (OCL) that owns India's leading payments and financial services company Paytm, on Wednesday announced an investment of Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem, ahead of the 'Vibrant Gujarat Global Summit 2024'.
The company will make the investment over a period of time and will seek requisite approvals for the same. 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 said it will replicate its success to now reduce friction in cross-border remittances with faster and cost-effective solutions, driven by Artificial Intelligence.
Leveraging its leadership as a tech innovator, Paytm will also set up a development centre in GIFT City to build the above solutions and provide a technology backbone. This centre will create jobs and house engineers to develop a suite of world-class financial products and services.
"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," said Vijay Shekhar Sharma, Founder and CEO, Paytm.
"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," he added.
Furthermore, Paytm intends to leverage this investment to establish a dedicated development centre, said Sharma.
