Aiming to offer AI-driven cross-border remittance and payment solutions
One97 Communications Limited (OCL), the parent company of Paytm, has announced that it will invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem. The company will make the investment over a period of time and will seek requisite approvals for the same, it informed the stock exchanges on Wednesday.
The investment is part of Paytm’s vision to offer artificial intelligence-driven cross-border remittance and payment solutions for users internationally, who are looking to invest in India. The company said that it will leverage the regulatory framework of GIFT City to reduce friction in cross-border transactions and provide fast, reliable and cost-effective solutions.
Setting up a development centre for innovation
Paytm will also set up a development centre in GIFT City to build cross-border solutions and provide a technology backbone. It will house engineers to develop a suite of financial products and services, the company said.
Vijay Shekhar Sharma, founder and chief executive of OCL, said, “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.”
Paytm’s announcement to invest Rs 100 crore in GIFT City came ahead of the Vibrant Gujarat Global Summit 2024, scheduled to be inaugurated by Prime Minister Narendra Modi on January 10.