Indian fintech company Paytm is shuffling its management to grow its payments and financial services. Paytm has named Rakesh Singh as the new CEO of Paytm Money, the company's investment arm.
Rakesh Singh has over 20 years of experience in finance and has served as CEO of Fisdom's stockbroking entity and has also held key positions at ICICI Securities and Standard Chartered Bank. Rakesh Singh succeeds Varun Sridhar, who will serve as CEO of Paytm Services. Paytm Services is primarily responsible for wealth products and mutual fund distribution.
Bhavesh Gupta, who was president and COO of Paytm's payments and lending division, will leave for personal reasons. He will become an advisor to assist Paytm's expansion efforts until the end of the year.
In April, Paytm also announced the resignation of Surinder Chawla, CEO and managing director of its banking division, which will be effective on June 26. Paytm founder Vijay Shekhar Sharma quit the company's board in February this year.
Paytm said the new appointments are in line with the company's efforts in expansion, innovation and regulatory compliance. (Tech in Asia)