Chairman and CEO Vijay Shekhar Sharma of Indian fintech Paytm will acquire a 10.3% stake of Chinese fintech giant Ant Financial worth $628 million, becoming the largest shareholder in the digital payments firm with an aggregate holding of 19.42%. The strategy is seen as an effort to facilitate Paytm’s ownership structure and reduce Chinese ownership in Indian fintech firms, addressing concerns from the government and RBI.
Paytm CEO to Buy 10% Stake From China’s Antfin
