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Updated January 15th, 2024 at 12:19 IST

Paytm announces Rs 100 crore investment in GIFT City for AI-driven cross-border remittance

As part of the initiative, Paytm will set up a development centre in GIFT City, focusing on driving innovation and creating job opportunities.

Reported by: Sankunni K
Paytm GIFT City investment
Paytm GIFT City investment | Image:Paytm, Vijay Shekhar Sharma
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Paytm investment in GIFT City: Paytm unveils plans to invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City), aiming to establish a global financial ecosystem ahead of the Vibrant Gujarat Global Summit 2024. The investment seeks to revolutionise cross-border remittances by leveraging Paytm's expertise in real-time payments and settlements. The company aims to develop an artificial intelligence-driven technology system for efficient and cost-effective global transactions.

 

GIFT City (Image: LinkedIn)

Development centre for world-class innovation

As part of the initiative, Paytm will set up a development centre in GIFT City, focusing on driving innovation and creating job opportunities. The centre will house engineers dedicated to developing cutting-edge financial products and services.

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Vijay Shekhar Sharma, Founder & CEO, Paytm

Vijay Shekhar Sharma, Paytm's founder and CEO, expresses excitement about GIFT City becoming a global financial hub for innovation. He highlights the pivotal role of the investment in building an AI-driven cross-border remittance landscape, providing global opportunities and reducing friction in international transactions. Sharma also stressed upon the significance of GIFT City serving as an exemplary innovation hub for cross-border activities, enabling overseas investors to maintain foreign currency accounts.

Investment rollout over a specified period

Paytm intends to seek requisite approvals for the Rs 100 crore investment, which will be rolled out over a specified period. The phased approach aligns with the company's strategic vision for the development of GIFT City.

Vibrant Gujarat Global Summit

Vibrant Gujarat Global Summit 2024

The 20th edition of the Vibrant Gujarat Global Summit is scheduled from January 10, 2024 to January 12, 2024. The summit was conceptualised in 2003 under the leadership of the then Gujarat Chief Minister, Narendra Modi. Today, it has evolved as one of the most reputed global forums for business networking, knowledge sharing and strategic partnerships for inclusive growth and sustainable development.

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Published January 10th, 2024 at 09:04 IST

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