Paytm’s aim to become a full-stack wealth management platform. It is going to be a reality as the Alibaba-backed firm is looking to lure stock broking customers through its next fintech play.
The Indian Unicorn through its subsidiary Paytm Money will allow customers to start stock broking on the app. Paytm has received approval from Securities & Exchange Board of India (SEBI) the market regulator to start the service and soon one can start buying shares through Paytm Money.
The company has also announced that Paytm Money’s membership with exchanges — BSE & NSE is also approved.
It took six months for the company to get the market regulator’s approval after it submitted the application for selling shares of listed companies.
Now, Paytm Money will offer products such as trading in equities & cash segments, derivatives, ETFs and more exchange-traded products.
The integration of Paytm Money with Paytm Payments Bank will also make it easy for more than 300 million registered users to buy and sell shares within the app.
On its official blog, Paytm has announced that it will be ramping up engineering, product & design teams through fresh hirings besides setting up its teams for market operations in trade, settlement, depositories, risk, finance, treasury, and others.