Paytm eyes global expansion with ₹100 Crore investment in GIFT City, plans to offer AI-driven cross-border remittance

Paytm, India's fintech giant, announced a strategic investment of ₹100 crore in Gujarat International Finance Tec-City (GIFT City), aiming to build a global financial ecosystem, on January 10, 2023. This move comes ahead of the Vibrant Gujarat Global Summit 2024 and signifies Paytm's ambition to expand beyond its domestic market, as per an exchange filing.

Leveraging GIFT City's infrastructure, Paytm plans to develop faster and cheaper cross-border remittance solutions powered by artificial intelligence. This will reduce friction and offer more efficient options for global transactions. Paytm plans to establish a development center in GIFT City, employing engineers to build cutting-edge financial products and services. This center is expected to create jobs but also serve as a hub for Paytm's global technology initiatives, the company said.

Vijay Shekhar Sharma, founder and CEO, said, “GIFT City is set to become a global financial hub, further putting India on the world map for innovation. 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. 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 center.”