Fintech firm One97 Communications, which owns Paytm brand, plans to invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem. The company will make the investment over time and would seek requisite approvals for the same, as it would use its capability to innovate and build new technology for users across the globe looking to invest in India. 

Paytm also plans to set up a development centre in GIFT City to build these solutions and provide a technology backbone. This will lead to creation of employment and house engineers to develop a suite of world-class financial products and services.

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 the company to deliver fast, reliable, and cost-effective remittance solutions at a global scale.