Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
Paytm, a leading player in the merchant payments and financial services sector, has announced plans to test its proprietary technologies in the UAE market as part of its broader overseas expansion strategy.
In a stock market filing on Monday, the company stated that its subsidiary, Paytm Cloud Technologies, will establish wholly owned subsidiaries in the UAE, Saudi Arabia, and Singapore.
“We believe that our technology-led merchant payments and financial services business model in India has the potential for expansion in similar international markets,” the company said.
It added that its portfolio of innovative hardware, software, and service solutions, developed in India, could be successfully deployed and monetised in global markets.
To drive its overseas expansion, Paytm plans to adopt a combination of strategies, including organic growth through local licences and exploring strategic investments and partnerships.
The company aims to commence these new ventures within six months, according to the filing.
An investment of ₹20 crore (approximately Dh9 million) has been earmarked for each jurisdiction to support its initial entry into these markets.
Paytm hopes to replicate its successful India-based business model in similar high-potential international markets.
