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On January 10, 2023, Paytm, India’s fintech behemoth, announced a strategic investment of Rs 100 crore in Gujarat International Finance Tec-City (GIFT City), to establish a worldwide financial ecosystem.
According to an exchange filing, this move comes ahead of the Vibrant Gujarat Global Summit 2024 and reflects Paytm’s desire to expand beyond its native market.
Paytm aims to create quick and economical cross-border remittances
Paytm intends to use GIFT City’s infrastructure to create quicker and less expensive cross-border remittance solutions enabled by artificial intelligence. This will eliminate friction and provide more efficient solutions for worldwide transactions.
Paytm intends to open a development center in GIFT City, where engineers will work to create cutting-edge financial products and services. According to the firm, this center will not only create jobs but will also function as a hub for Paytm’s global technology projects.
GIFT City, according to Vijay Shekhar Sharma, founder and CEO, is slated to become a worldwide financial hub, further putting India on the global map for innovation.
Investment in GIFT City will help in developing an AI-based payment technology system
The strategic investment in GIFT City is an important step toward developing an Artificial Intelligence-driven overseas remittance and payments technology ecosystem with global implications.
This will enable them to reduce friction globally and offer remittance options that are swift, trustworthy, and economical. He stated that they are overjoyed that foreign investors can freely open foreign exchange accounts at GIFT City, which serves as a model innovation hub for global trade. Furthermore, they also intend to create a development center using the leverage provided by this financing
Also read: Vibrant Gujarat Summit 2024: Suzuki Group will invest 3200 crore in Suzuki Motor Gujarat
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