- By Aditya Pratap Singh
- Wed, 10 Jan 2024 11:50 AM (IST)
- Source:PTI
Paytm In Gift-City: The parent company of India's renowned fintech brand 'Paytm', One97 Communications is planning to become the newest member of Gujarat's Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem. Paytm on Wednesday said that it would invest Rs 100 crore as a strategic investment.
The fintech firm will make the announced investment over some time and will seek requisite approvals for the same.
Also Read: Good News For Farmers, Agri Exports Likely To Double To USD 100 Bn by 2030: Commerce Secy
"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, Vijay Shekhar Sharma, One97 Communications Founder and CEO said in a statement.
With GIFT City being the best innovation centre for cross-border operations, Paytm will leverage its proven capability to develop innovative and new technologies for consumers from around the world looking to invest in India.
Paytm also plans to set up a development centre in Gift City to develop the above solutions and provide the technology backbone.
"Furthermore, we intend to leverage this investment to establish a dedicated development centre," Sharma said.
In the statement, Paytm said that the centre in Gift City will create jobs and house engineers to develop a suite of world-class financial products and services.
Also Read: SBI Research Unit Refuses K-Shaped Eco Recovery Theory, Read Details