The company will make the investment over a period of time and will seek requisite approvals for the same, it informed the exchanges on Wednesday.
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With GIFT city, Paytm will look to build new technology for users internationally, who are looking to invest in India. Through the investment, the company is expected to work towards reducing friction in cross-border remittances, it said.
In October 2023, the Reserve Bank of India (RBI) issued regulations to govern entities which facilitate payment and settlement for cross border export and import transactions.
“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,” said Vijay Shekhar Sharma, founder and chief executive of OCL.
Paytm will also set up a development centre in GIFT City to build cross-border solutions and provide a technology backbone. It will house engineers to develop a suite of financial products and services, the company said.
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