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    In GIFT City, we are building a technology for global cross-border remittances system: Vijay Shekhar Sharma

    Synopsis

    Vijay Shekhar Sharma, CEO of Paytm, discusses the opportunities offered by GIFT City and the IFSCA. GIFT City is a place where global market access and domestic technology combine, allowing for the development of innovative solutions. Sharma mentions the plan to build a technology in GIFT City that addresses the challenge of global cross-border remittances. Additionally, he highlights the importance Vibrant Gujarat summit as a platform for fintech innovation.

    Vijay Shekhar Sharma-Paytm-1200ETMarkets.com
    Vijay Shekhar Sharma, CEO, Paytm, There was a time when local payments systems were difficult to come by in a very cheap and cost effective way but today we are looking at an international cross-border payment system.. India is the biggest beneficiary with $125 billion coming in from the rest of the world.

    On GIFT City and opportunities it offers
    Vijay Shekhar Sharma: GIFT City is a place where global access to the market and domestic technology fuse together and it is truly visionary that the opportunity of building something in GIFT City and then taking it elsewhere is coming up. So IFSCA, the regulator of GIFT City, will give us permission so that in due course we would apply different things. Right now, we are building a technology out of GIFT City that would solve one of the biggest problems left in payments, which is a global cross-border remittances system.

    There was a time when local payments were not possible in a very cheap and cost effective way but today we are looking at an international cross-border payment system.. India is the biggest beneficiary with $125 billion coming in from the rest of the world.

    It is also a large cost as Indians diaspora as well as Indians in India pay it. It is not just an opportunity in my opinion to build a technology, it is also an opportunity for India to leverage the capability of Indians.

    Will Vibrant Gujarat summit be a game changer for fintechs?
    Vijay Shekhar Sharma: The summit is truly vibrant with entrepreneurial energy. This is the first port of being an entrepreneur in the country and this is the place where we are talking with technology and finance services which is what the GIFT city offers. So Vibrant Gujarat is a potent mix of ability, capability and an opportunity that India offers in finance.



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    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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