Paytm is set to complete its Rs 100 crore investment plan in GIFT City, Gujarat, within the next six months. The development center will focus on creating a suite of financial products and services, contributing to job creation and advancing AI-driven cross-border remittance and payments technologies.
One97 Communications Limited (OCL), Paytm’s parent company, announced that it is in the process of seeking approvals to establish a subsidiary in GIFT City’s International Financial Services Centre (IFSC). This development aligns with Paytm’s strategic aim of enhancing its global financial ecosystem.
Paytm founder and CEO Vijay Shekhar Sharma highlighted that the investment in GIFT City represents a significant move towards building an AI-driven payments and remittance technology infrastructure with global opportunities. The planned development center will house engineers dedicated to creating financial solutions and services.
GIFT City, India’s first global financial hub, aims to serve as both an onshore international financial jurisdiction and a gateway for global capital flows. However, recent updates indicate that the regulator for GIFT City has paused approvals for family investment funds due to concerns from the Reserve Bank of India regarding potential money laundering risks.
