By partnering with GIFT City, Paytm aims to develop new technology solutions for international users interested in investing in India.The company intends to use this investment to streamline cross-border remittances, reducing any complications involved in the process, said an ET report.
Incidentally, Paytm’s announcement of investment in Gujarat’s GIFT City comes on the day of the inauguration of the Vibrant Gujarat Summit 2024.
In October 2023, the Reserve Bank of India (RBI) introduced regulations governing entities that facilitate payment and settlement for cross-border export and import transactions.
Vijay Shekhar Sharma, the founder and chief executive of OCL, emphasized the strategic importance of the investment in GIFT City. He stated that the Rs 100 crore investment marks a significant milestone in the company’s journey towards establishing an artificial intelligence-driven platform for cross-border remittances and payments. According to Sharma, the investment presents immense global opportunities and enables the company to provide fast, reliable, and cost-effective remittance solutions on a global scale.
In addition to the investment, Paytm plans to establish a development center in GIFT City. This center will focus on building cross-border solutions and serve as a technology hub for the company. Paytm aims to leverage the expertise of its engineers to develop a range of financial products and services.
At 10:52 AM, Paytm parent company One 97 Communications Limited’s shares were trading at Rs 684.40 on the National Stock Exchange, down Rs 1.30 or 0.19%. Paytm has also recently been in the news regarding reports of One 97 Communications laying off around 1,000 employees.
