New Delhi: In a strategic move aimed at fostering a global financial ecosystem, Fintech giant One97 Communications, the parent company of Paytm, has unveiled plans to inject ₹100 crore into Gujarat International Finance Tec-City (GIFT City). This investment, to be phased over time pending necessary approvals, underscores the company's commitment to amplifying India's presence in the realm of innovation on the international stage.
Vijay Shekhar Sharma, Founder and CEO of One97 Communications, emphasized the significance of GIFT City as a burgeoning global financial hub and India's escalating prominence in pioneering innovation. Sharma highlighted the pivotal role this investment will play in shaping an Artificial Intelligence-driven framework for cross-border remittance and payment technologies, unlocking vast global prospects. He emphasized the goal of furnishing swift, dependable, and cost-efficient remittance solutions on a worldwide scale, streamlining processes and reducing barriers.
This strategic collaboration positions Paytm to leverage its established proficiency in innovation, harnessing technology to cater to a global audience seeking investment avenues in India. As part of this initiative, Paytm plans to establish a dedicated development center within GIFT City. Vijay Shekhar Sharma affirmed the intent to utilize this investment to foster a specialized hub, fostering job creation and housing a cadre of engineers. Their primary focus will revolve around conceptualizing and crafting a suite of cutting-edge financial products and services, constituting a robust technological foundation for the venture.
This visionary endeavor not only underscores Paytm's commitment to innovation but also signifies a significant stride in fortifying India's standing in the global financial landscape.
—Input from Agencies
