Paytm announced an investment of Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem as Vibrant Gujarat Global Summit 2024 starts today in Gandhinagar.
The company said in a regulatory filing on Wednesday that it will make the investment over a period of time and will seek requisite approvals for the same.
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.
Speaking on the development, Founder and CEO, Vijay Shekhar Sharma, 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.”
He said this will enable them 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,” he added.
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 digital payment platform said in a statement.
The GIFT City is hosting the 10th edition of VIbrant Gujarat Global Investment Summit. It will witness participation from over 100 countries while around 30 countries have joined as partners and a dozen international organisations have also joined hands with the State government to promote the event.