Paytm brings Goldman Sachs' chairman Mark Schwartz on board

In a bid to add some more experience and insights into its online payment business, Paytm has added vice chairman of the Goldman Sachs group and chairman of Goldman Sachs in Asia-Pacific, Mark Schwartz to the company board.

“He (Schwartz) has played a critical role in building leading businesses in the Asia-Pacific region and across the world. I am confident Mark’s insights would offer excellent leadership for Paytm as we work towards bringing half a billion Indians to the mainstream economy,” said Vijay Shekhar Sharma, chief executive officer, Paytm.

Schwartz, with over 27 years of experience in Goldman Sachs is currently based in Beijing and is expected to help Paytm in bolstering its financial and technology management.

“India is one of the most dynamic and interesting economies in the world and I’m incredibly excited about working with Vijay and his team,” said Schwartz in a statement.

“He (Schwartz) played a major role in helping Alibaba founder Jack Ma and executive vice chairman Joseph Tsai with Alibaba’s $25 billion IPO in New York in 2014,” the company said in a statement.

Schwartz comes as the 12th member on the board of One97, following Amit Singhal, the former head of Google Search, who joined as the 11th member joining the board on 20 October.

Paytm is also preparing to launch its payments bank business soon for which it obtained a license from RBI. The expected date of launch is November 9.