Paytm Expands Footprint In Middle East With Saudi Arabia Subsidiary

Paytm Cloud Technologies Ltd. has incorporated a wholly-owned subsidiary in Saudi Arabia, marking the fintech giant's push to expand its digital payments footprint in the Middle East.

The new unit, named Paytm Company, has been set up with an investment of 8.5 million Saudi Riyals for 8,500 equity shares, its parent firm One97 Communications Ltd. said in a regulatory filing on Thursday.

Paytm Company will focus on expanding and distributing Paytm’s technology-led digital payments stack in Saudi Arabia. The new entity will be fully owned by One97 Communications through its subsidiary, Paytm Cloud Technologies.