VEON Ltd. (Nasdaq: VEON, “VEON”), a global digital operator, today announced that a joint venture between VEON Digital Financial Group and Square Group, one of Bangladesh’s leading business conglomerates, has received approval for a Digital Bank license from Bangladesh Bank, the central bank of Bangladesh. The license marks VEON’s entry into full-scale digital banking in Bangladesh, building on Banglalink’s existing Payment Service Provider (PSP) license, which underpins its Mukto Pay digital payments service.
This milestone reflects continued progress under “Invest in Bangladesh NOW!”: a public-private partnership with the Government of Bangladesh that VEON formally launched in New York during UN General Assembly High-Level Week. VEON has committed an initial US$250 million anchor investment toward its ambition of mobilising US$1 billion in foreign direct investment for Bangladesh, advancing connectivity, digital infrastructure, digital financial services and AI.
With connectivity as its foundation, the new digital bank is expected to integrate closely with Banglalink’s mobile ecosystem, extending accessible, end-to-end financial tools to mobile users across the country. By combining VEON’s global technology expertise with Square Group’s deep domestic manufacturing, distribution and retail networks, the venture is intended to bring modern banking to communities that remain outside the reach of conventional financial services.
“Financial inclusion is key to eradicating poverty, and today’s approval marks an important step toward that goal in Bangladesh. We’re grateful to Bangladesh Bank and the Government of Bangladesh for their continued support in building the digital financial infrastructure the country needs. Together with Square Group, a trusted and well-established partner, this brings us closer to our commitment to bringing more of Bangladesh’s unbanked population into the formal financial services system,” said Kaan Terzioglu, Group Chief Executive Officer of VEON.
“On the 101st birthday of Samson H Chowdhury, founder Chairman of Square Group, we are delighted to receive Bangladesh Bank’s approval for the Digital Bank license, for which we are deeply honoured by the trust and confidence of Bangladesh Bank. VEON brings the right technological expertise and global experience, while Square Group is a trusted name built over the last 68 years. We hope that the people of this country will benefit from the services of this digital bank once it goes into operation,” said Tapan Chowdhury, Managing Director, Square Group.
“With our Mukto Pay already in place and a digital banking license now awarded, we are well positioned to serve all Bangladeshis, especially those who have lacked access to conventional banking. Combining Banglalink’s nationwide telecommunications network and distribution with digital financial services enables the new digital bank to ensure financial inclusion for the people of Bangladesh,” said Johan Buse, Chief Executive Officer of Banglalink.
VEON Digital Financial Group serves 59 million active financial services customers across Pakistan, Kazakhstan and Uzbekistan as of Q2 2026. Bangladesh is now set to join this growing footprint following today’s approval, advancing VEON’s strategy of building leading digital financial services ecosystems across its markets and complementing recent regulatory and commercial milestones in Kazakhstan.