Paytm founder Sharma acknowledges crucial role of regulatory engagement

Paytm. Pic/X

In his first-ever public engagement after the Paytm Payments Bank issue, fintech firm One97 Communications founder and CEO Vijay Shekhar Sharma on Tuesday acknowledged the crucial role of regulatory engagement and shared his vision to establish the company as a leader at the Asia level.

While speaking at an event in Japan, Sharma said that ambiguity brings stress to the business. "Things become very big and systemically important, very fast. We have been able to very happily see our regulator engage," Sharma said.

Recently, banking regulator RBI barred Paytm Payments Bank Limited, in which Sharma has 51 per cent interest, from carrying out new transactions with customers after March 15. The regulator, however, clarified that Paytm services like UPI etc that are not linked to PPBL can continue to operate.

Sharma emphasised the importance of clarity amid ambiguity, stressing the significance of perseverance in achieving the company's mission. "Ambiguity brings stress. When you are clear, when you know, then it is the perseverance on the mission that you are in. This is a great day when I have new lessons to learn and new opportunities to address," he said.

Paytm announced a strategic collaboration with Axis Bank to facilitate seamless and secure merchant settlements through trustee-based escrow accounts. One 97 Communications, which owns the Paytm brand, operates a subsidiary Pay Pay in Japan.

Sharma reaffirmed the company's commitment to maintaining a significant role in the digital payment ecosystem. He expressed his ambition to establish Paytm as a leader in Asia's financial landscape. "Asia has an opportunity to build a financial system for the next generation. Make Paytm an Asia leader -- in my lifetime, I would like to do that," he said.

The fintech firm is actively engaging with leading banks to forge partnerships aimed at enhancing customer experiences and expanding its payment solutions.

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