Paytm sets up units in Indonesia, Luxembourg; sells 49% stake in UAE arm

One97 Communications Ltd, the parent company of fintech firm Paytm, is expanding its overseas footprint through new subsidiaries in Indonesia and Luxembourg, while also bringing in an investor for its United Arab Emirates (UAE) payments arm, according to a stock exchange filing.

Paytm Cloud Technologies Ltd (PCTL), a wholly owned subsidiary of One97 Communications, has approved the incorporation of two step-down wholly owned subsidiaries in Indonesia and Luxembourg. The proposed entities will focus on expanding the distribution of Paytm’s…