Fintech major Paytm has roped in Magnati’s founding chief executive officer Ramana Kumar as chief executive officer (CEO) for its Middle East business.

The appointment comes days after Paytm’s arm Paytm Cloud Technologies Ltd (PCTL) incorporated a.

At Paytm, Kumar will be leading its UAE and Middle East expansion with focus on developing digital payment solutions tailored to the local needs.

The latest appointment also aligns with Paytm’s vision to expand globally.

In 2021, Kumar joined Abu Dhabi-based Magnati as the CEO where he led initiatives to modernise payments and drive business growth. Prior to that, he served as the executive vice president for payments and digital banking at First Abu Dhabi Bank (FAB). Notably, Magnati is a payments subsidiary of FAB.

He also served as the managing director and head of global transaction banking at National Bank of Abu Dhabi.

“The region is rapidly adopting digital payments, and there’s a strong demand for innovative, secure, and scalable solutions. Paytm’s technology, built and refined in India, is well-suited to meet these needs,” Kumar said.

The shares of the company closed today’s trading session at INR 829.25 apiece, 1.54 % down from its previous close at INR 842.25.

(The story will be updated soon)

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