Paytm Announces INR 100 Crore Investment in GIFT City for Establishing a Global Financial Ecosystem

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Paytm Announces INR 100 Crore Investment in GIFT City for Establishing a Global Financial Ecosystem

Paytm's Parent Company, One97 Communications, to Invest INR 100 Crore in GIFT City for Global Financial Ecosystem

One97 Communications, the owner of Paytm, has announced a strategic investment of INR 100 crore in Gujarat International Finance Tec-City (GIFT City) to foster the development of a global financial ecosystem. The investment is poised to position GIFT City as a prominent global financial hub, contributing to India's recognition on the international stage for innovation. Paytm's founder and CEO, Vijay Shekhar Sharma, expressed the company's commitment to building an Artificial Intelligence-driven cross-border remittance and payments technology landscape. This move is expected to open up global opportunities and facilitate fast, reliable, and cost-effective remittance solutions on a global scale. The investment will be executed over time, subject to necessary approvals.

Sharma praised GIFT City as an exemplary innovation hub for cross-border activities, emphasizing its role in enabling foreign investors to maintain foreign currency accounts. Paytm, leveraging its innovative capabilities, aims to develop new technologies for global users looking to invest in India, thereby contributing to the reduction of friction in cross-border remittances. As part of this initiative, Paytm will establish a development center in GIFT City, focusing on creating cutting-edge financial products and services. This endeavor is expected to generate employment opportunities and house engineers dedicated to the development of innovative solutions. Paytm's strategic investment aligns with its vision to play a pivotal role in shaping the future of global financial ecosystems. The announcement comes ahead of the Vibrant Gujarat Global Summit 2024, which is set to be inaugurated by Prime Minister Narendra Modi on January 10.




Disclaimer: This information is a publicly available news and/or information we relied on the same to make it more concrete and concise for easy reading!

Refer:https://www.businesstoday.in/latest/corporate/story/paytm-to-invest-rs-100-crore-in-gift-city-to-build-global-financial-ecosystem-412567-2024-01-10

Paytm investment GIFT City
One97 Communications financial ecosystem
GIFT City global financial hub
Vijay Shekhar Sharma Paytm innovation
Cross-border remittance technology
Paytm development center GIFT City
Global opportunities in financial technology
Vibrant Gujarat Global Summit 2024
Prime Minister Narendra Modi inauguration
Artificial Intelligence in cross-border payments






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