Fintech player Paytm yesterday announced an investment of 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, a company statement noted.
With this investment, Paytm will use its capability to innovate and build new technology for users across the globe looking to invest in India. The company will replicate its success to reduce friction in cross-border remittances with faster and cost-effective solutions, driven by Artificial Intelligence (AI), the statement said.
It further mentioned that the company will set up a development centre in GIFT City to build the above solutions and provide a technology backbone. The centre will create jobs and house engineers to develop a suite of world-class financial products and services.
Vijay Shekhar Sharma, Founder and CEO, Paytm, said in the statement, “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 centre.”