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Fintech firm PhonePe has expanded its board with the addition of a former bureaucrat and Walmart executives. This move comes amid regulatory crackdowns on its rival Paytm.

The Walmart-owned mobile payments company has appointed former revenue secretary Tarun Bajaj and Walmart’s Chief Financial Officer, John D Rainey, and Chief People Officer, Donna Morris to its board, according to a report by MoneyControl.

These appointments come at a time when the well-known digital wallet service Paytm has come under the scanner for money laundering concerns and questionable transactions involving significant sums of money between the firm and its less prominent banking arm. These issues have prompted the Reserve Bank of India to clamp down on the entities led by tech entrepreneur Vijay Shekhar Sharma.

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Bajaj, who is from the 1988 IAS batch, served as the revenue secretary till November 2022. He is joining the PhonePe board as an independent director and will be the chairman of the risk committee. Rainey, Executive Vice President and Chief Financial Officer, Walmart Inc, and Morris, Executive Vice President and Chief People Officer, Walmart Inc, have joined PhonePe’s board as non-executive directors.

Ever since it separated from Flipkart and relocated its headquarters from Singapore to India in preparation for an IPO (initial public offering), PhonePe has been expanding its business to stock broking, lending, wealth management, and ecommerce.