One97 Communications Limited (OCL), the parent company of payments major Paytm, will invest Rs 100 crore in GIFT City in Gujarat to build a global financial ecosystem, the Noida-based firm told exchanges on January 10.
The company also aims to streamline cross-border remittances by offering faster and cost-effective solutions powered by artificial intelligence (AI), it said in an announcement that came ahead of the three-day Vibrant Gujarat Global Summit in Gandhinagar.
“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,” Paytm founder and CEO Vijay Shekhar Sharma said.
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It would enable fast, reliable, and cost-effective remittance solutions, reducing friction, at a global scale, he said.
"We are excited about GIFT City serving as an exemplary innovation hub for cross-border activities, enabling overseas investors the flexibility to maintain foreign currency accounts. Furthermore, we intend to leverage this investment to establish a dedicated development centre."
Also Read | PFC gains on RBI nod to set up firm in GIFT City
The development centre would create jobs and have engineers dedicated to crafting a suite of top-notch financial products and services, the company said.
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