Paytm, the fintech giant of India, has set its sights on global expansion with a strategic investment of ₹100 crore in Gujarat International Finance Tec-City (GIFT City). The announcement, made on January 10, 2023, positions Paytm to create a global financial ecosystem and marks a significant move ahead of the Vibrant Gujarat Global Summit 2024.
The key objective of this investment is to leverage GIFT City’s robust infrastructure to develop advanced cross-border remittance solutions, driven by artificial intelligence. Paytm aims to streamline global transactions, making them faster and more cost-effective.
To achieve this, the company plans to establish a development center within GIFT City, employing skilled engineers dedicated to crafting cutting-edge financial products and services. This center not only aims to generate employment opportunities but also serves as a pivotal hub for Paytm’s broader global technology initiatives.
Vijay Shekhar Sharma, the founder and CEO of Paytm, expressed his vision, stating, “GIFT City is poised to become a global financial hub, showcasing India’s innovation on the world stage.
Our strategic investment in GIFT City marks a crucial step in building an Artificial Intelligence-driven cross-border remittance and payments technology landscape, presenting vast global opportunities.
This initiative will enable us to deliver swift, reliable, and cost-effective remittance solutions, reducing friction on a global scale. We are enthusiastic about GIFT City emerging as a beacon of innovation for cross-border activities, providing overseas investors with the flexibility to maintain foreign currency accounts. Additionally, we plan to harness this investment to establish a dedicated development center.”