In a strategic move to fortify its global financial ecosystem, Paytm’s parent company, One97 Communications Ltd (OCL), has announced a substantial investment of ₹100 crore in Gujarat International Finance Tec-City (GIFT City). The investment is set to lay the groundwork for an innovative Artificial Intelligence (AI)-driven cross-border remittance system, further boosting India’s position in the global financial landscape.
Empowering Global Users through Innovation
Paytm envisions GIFT City as an optimal hub for innovation in cross-border activities, leveraging its capabilities to introduce cutting-edge technology. The company aims to enhance efficiency in cross-border remittances by implementing AI-powered solutions that are not only faster but also cost-effective.
As part of this initiative, Paytm will establish a development centre within GIFT City, serving as a technological foundation for the proposed solutions. This centre is poised to create employment opportunities and house a team of dedicated engineers focused on developing a diverse range of financial products and services.
A Pivotal Step Toward AI-Driven Remittance Solutions
Vijay Shekhar Sharma, the founder and CEO of Paytm, emphasized the strategic significance of the investment in GIFT City. He stated, “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.”
Gearing Up for Global Opportunities
Paytm’s commitment to GIFT City underscores its dedication to exploring and capitalizing on global opportunities. The company’s focus on AI-driven solutions aligns with the evolving demands of the financial industry, positioning Paytm as a key player in reshaping cross-border remittance technology.
Driving Technological Advancements in Financial Services
In addition to revolutionizing cross-border remittances, the development centre at GIFT City will serve as a hub for creating a spectrum of financial products and services. Paytm aims to contribute to technological advancements in the financial services sector, setting the stage for a dynamic and innovative future.
About One97 Communications Ltd.: One97 Communications Ltd., the parent company of Paytm, continues to be a trailblazer in the fintech industry. With a commitment to innovation, Paytm aims to redefine financial solutions, enhance user experiences, and contribute to the global evolution of digital payments.
