Paytm to invest Rs 100 cr in GIFT City to build global financial ecosystem

Fintech firm One97 Communications, which owns Paytm brand, plans to invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem, the company said on Wednesday.

The company will make the investment over a period of time and will seek requisite approvals for the same.

"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," One97 Communications Founder and CEO Vijay Shekhar Sharma said in a statement.

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.

Paytm also plans to set up a development centre in GIFT City to build the above solutions and provide a technology backbone.

"Furthermore, we intend to leverage this investment to establish a dedicated development centre," Sharma said.

The centre will create jobs and house engineers to develop a suite of world-class financial products and services, the statement said.