India, May 1 -- Fintech major Paytm's arm Paytm Cloud Technologies Ltd (PCTL) has incorporated a wholly owned subsidiary in the United Arab Emirates (UAE).

In an exchange filing, Paytm said that the PCTL's board also approved a subscription amount of AED 8 Mn ($2.1 Mn or INR 18.41 Cr) for the acquisition of 80,000 equity shares in the newly floated subsidiary, Paytm Arab Payments LLC.

"Paytm Arab Payments LLC will work towards expansion and distribution of Paytm's technology led merchant payments and financial services stack in UAE," the filing said.

The fintech company said that no governmental or regulatory approval is required for incorporating the new subsidiary.

This comes three months after Paytm, in January, announced that the ...