The parent company of Indian fintech giant Paytm, One97 Communications, announced today a Rs 100 crore investment in Gujarat International Finance Tec-City (GIFT City). This investment aims to establish a global financial ecosystem, coinciding with the upcoming Vibrant Gujarat Global Summit 2024 in Gandhinagar.
The company has stated plans to make the investment gradually and will seek the necessary approvals for the same. Positioning GIFT City as an optimal innovation hub for cross-border activities. Paytm aims to leverage its established expertise to innovate and develop new technologies. These advancements will cater to a global audience seeking investment opportunities in India, according to the press release.
Utilizing its past success, the company intends to streamline cross-border remittances by introducing faster and more cost-effective solutions powered by Artificial Intelligence. Building upon its position as a technology innovator, Paytm will establish a development center in GIFT City. Dedicated to creating these solutions and serving as a technological foundation.
Paytm anticipates that the center will generate employment opportunities and accommodate. A team of engineers tasked with crafting a range of top-notch 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,” Sharma added.