In October as per a report Fintech player, PhonePe completed the process of moving its domicile from ___________ to India.a)Malaysiab)Singaporec)Indonesiad)Maldivese)ThailandCorrect answer is option 'B'. Can you explain this answer?

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In October as per a report Fintech player, PhonePe completed the process of moving its domicile from ___________ to India.

a)
Malaysia
b)
Singapore
c)
Indonesia
d)
Maldives
e)
Thailand

Correct answer is option 'B'. Can you explain this answer?

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In October as per a report Fintech player, PhonePe completed the proc...

Fintech player PhonePe, a part of the Walmart Inc-controlled Flipkart group, said it has completed the process of moving its domicile from Singapore to India.
The development comes ahead of its plans to launch an initial public offering (IPO) for expanding its financial services portfolio and deepening its core United Payments Interface (UPI)-based payments operations and investment banking.
Over the past year, PhonePe has moved all businesses and subsidiaries including Insurance Broking Services and Wealth Broking businesses of PhonePe Singapore to PhonePe Pvt Ltd - India directly,
Finally, under the newly liberalized automatic Overseas Direct Investment (ODI) rules, PhonePe has also moved the ownership of the recently acquired IndusOSAppstore (OSLabsPte Ltd) from Singapore to India.
PhonePe was founded by ex-Flipkart executives Sameer Nigam, Rahul Chari, and Burzin Engineer in December 2015, and was acquired by Flipkart in 2016. In 2018, Flipkart was acquired by Walmart, and PhonePe was part of the transaction as well.

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In October as per a report Fintech player, PhonePe completed the process of moving its domicile from ___________ to India.a)Malaysiab)Singaporec)Indonesiad)Maldivese)ThailandCorrect answer is option 'B'. Can you explain this answer?

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