Mobikwik subsidiary Zaakpay gets RBI nod to operate as payment aggregator
Earlier this month, MobiKwik ventured into the NBFC space after incorporating Mobikwik Financial Services Private Limited as a wholly-owned subsidiary.
Zaak ePayment Services (Zaakpay), a key subsidiary of fintech firm One MobiKwik Systems, has received regulatory approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator.
The move is expected to bolster Mobikwik's footprint in the digital payments space through its subsidiary, enhancing the group's ability to process online transactions for merchants nationwide.
Earlier this month, One MobiKwik Systems incorporated a wholly owned subsidiary—Mobikwik Financial Services Private Limited (MFSPL)—as part of its strategic venture into the NBFC (non-banking financial company) space.
The company disclosed this in a filing to stock exchanges on April 23.
The Gurugram-based fintech firm said the new entity has been approved by the Ministry of Corporate Affairs and will be engaged in a range of financial services under the NBFC framework, including leasing, hire purchase, and financing of machinery, vehicles, property, and other assets.
The payments fintech also entered the brokerage industry after incorporating Mobikwik Securities Broking Private Limited (MSBPL), a wholly owned subsidiary, in March. The move, disclosed in a regulatory filing, positions the company to expand its financial services footprint beyond digital payments and lending.
Edited by Kanishk Singh