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Walmart-owned digital payments and financial technology company PhonePe has said that it has completed the three steps to move its domicile from Singapore to India. It includes PhonePe’s business and all the entities, including the recently acquired IndusOS Appstore, which are now wholly owned by and consolidated under PhonePe Pvt Ltd India.
“The whole process of moving domicile from Singapore to India was completed in three steps. The first step involved moving all businesses, which includes the insurance broking services and wealth broking businesses, and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd India directly,” said the company in a statement.
“Secondly, PhonePe’s board recently approved the creation of a new ESOP plan and the migration of over 3000 PhonePe Group employees’ existing ESOPs by issuing new ESOPs under PhonePe India’s new plan,” the statement added.
Finally, PhonePe has also moved the ownership of IndusOS Appstore to India under the new automatic overseas direct investment rules. The new automatic ODI rules states that Indian companies not in financial services can now directly invest in financial services companies abroad without the prior approval of RBI.
Founded in 2015, PhonePe is a digital fintech company that allows the users to conveniently pay their utility bills and make other online transactions. As per a report released on June 2022, the digital payments in India will reach $10 trillion in value by 2026 from $3 trillion now.