CHENNAI: Digital payment solutions provider PayPal will sign a Memorandum of Understanding (MoU) with Guidance Tamil Nadu on the first day of Chief Minister MK Stalin’s visit to the United States in San Francisco at 3pm Pacific Daylight Time (Friday 3.30 am IST).
PayPal will invest hundreds of crores to establish a state-of-the-art advanced centre in Chennai focusing on Artificial Intelligence and Machine Learning to generate over 1,000 high-end jobs, official sources said.
The MoU will be signed between Guidance Tamil Nadu Managing Director Vishnu Venugopal and Executive Vice-President and Chief Technology Officer of PayPal Srini Venkatesan and Head of International Government Relations of PayPal Zi-Yang David Fan in the presence of the CM.
Earlier in the day, the CM, who landed in the US for a two-week visit, received a warm welcome from the Tamil community. Stalin was greeted by the Consul General of India in San Francisco, K Srikar Reddy, along with Minister for Industries TRB Rajaa and members of the Tamil diaspora, including former Union Minister Napoleon. In his X post, Stalin said, “In the USA, the land of opportunities, seeking support for the prosperity of Tamil Nadu.” He also said he was moved by the welcome accorded by the Tamil community.
The Chief Minister is targeting investments in the US to generate high-end jobs. In San Francisco, he will be attending an investment conclave, which is expected to generate several high-value investments.
The MoU with PayPal will be signed at a meeting to be held before the investment conclave.
‘PayPal will expand centre to develop AI ’
Sources told TNIE that PayPal will expand its Chennai Development Centre to develop cutting-edge Artificial Intelligence and Machine Learning innovations. PayPal announced its India operations in November 2017 after offering cross-border payments in the country for close to a decade.
Sources said Tamil Nadu is vying to become the hub for artificial intelligence. “The aim is not to look at just the size of the investments but also to see how the investments will benefit the state and generate quality jobs for the youth,” an official said.
PayPal plans advanced AI, ML centre in Chennai
PayPal will invest hundreds of crores to establish a state-of-the-art advanced centre in Chennai focusing on Artificial Intelligence and Machine Learning to generate over 1,000 high-end jobs, official sources said. An MoU will be signed by the company with Guidance TN on Thursday 3 pm Pacific Daylight Time (Friday 3.30 am IST).