One97 Communications, which owns the Paytm brand, announced plans to invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to develop a worldwide financial ecosystem on Wednesday.

The corporation will make the investment over time and will obtain the necessary permits.

"GIFT City is on track to become a global financial hub, putting India on the map for innovation." The strategic investment in GIFT City is an important step towards developing an Artificial Intelligence-driven cross-border remittance and payments technology ecosystem with global implications. This will allow us to provide rapid, dependable, and cost-effective remittance solutions on a worldwide scale while minimizing friction," One97 Communications Founder and CEO Vijay Shekhar Sharma said in a statement.

Paytm will use its proven expertise to innovate and build new solutions for people around the world wishing to invest in India, with GIFT city serving as a perfect innovation hub for cross-border business.

Paytm also intends to establish a development center in GIFT City to implement the aforementioned solutions and provide a technological backbone.

"Furthermore, we intend to leverage this investment to establish a dedicated development centre," Sharma went on to say. According to the announcement, the center would create jobs and house engineers to develop a portfolio of world-class financial goods and services.