In order to create a worldwide financial ecosystem, One97 Communications, the company that owns Paytm, said on Wednesday that it will invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City). This declaration was made before to Prime Minister Narendra Modi’s January 10 opening of the Vibrant Gujarat Global Summit 2024.

The business promised to make the investment gradually and only after receiving the required permissions.

According to Paytm CEO and founder Vijay Shekhar Sharma, GIFT City is poised to become a major global financial center, placing India at the forefront of innovation globally. “Building a cross-border payments and remittance technology landscape powered by artificial intelligence through strategic investment in GIFT City presents global opportunities.” This will allow us to provide remittance options that are quick, dependable, and affordable while lowering friction on a worldwide basis, according to Sharma.

In addition, he praised GIFT City for acting as a “model innovation hub for international operations,” allowing foreign investors to have accounts in various currencies.

In Wednesday’s trading, the parent company of Paytm, One 97 Communications Ltd., saw a modest increase in share price. In early trading, the shares increased 0.39 percent to trade at Rs 693.45.

According to the firm, Paytm will make use of its resources to innovate and develop new technology for users worldwide who wish to invest in India. The company added that it wants to provide faster, more affordable AI-driven solutions and lessen the friction associated with cross-border transfers.

Additionally, Paytm plans to establish a development center in GIFT Cut to construct these solutions and offer technological assistance. Under the direction of Vijay Shekhar Sharma, the payments platform will also employ people and employ engineers to produce a range of top-notch financial services and products.

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