One97 Communications, the parent company of Paytm, announced on Wednesday that it would invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to set up a development centre to build a global financial payments ecosystem. 

One97 Communications made the announcement ahead of Vibrant Gujarat Global Summit 2024, which is to be inaugurated by Prime Minister Narendra Modi on January 10 in Gandhinagar. 

The Gurugram-based fintech said that the strategic investment in GIFT City is a pivotal step towards creating an Artificial Intelligence (AI) driven cross-border remittance and payments technology system.

Paytm founder and chief executive officer (CEO) Vijay Shekhar Sharma said in a statement that the development centre would enable the company to deliver fast, reliable, and cost-effective remittance solutions, reducing friction at a global scale.

The payments platform will also create jobs through the development centre and house engineers to develop a suite of world-class financial products and services. The company would make the investment over a period of time and after necessary approvals.