AHMEDABAD: Homegrown financial services and payments company Paytm is all set to invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City), the company announced on Wednesday. The company plans to build a global financial ecosystem and will make the investment over a period of time and will seek requisite approvals for the same.
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 AI-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.”
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.
“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 further added.
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.
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 AI-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.”
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.
“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 further added.
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.
