VEON Ltd. and its joint venture partner, Square Group, have received approval from Bangladesh Bank for a digital bank license, marking a significant milestone in the country’s digital financial services sector. The license will enable the joint venture—VEON Digital Financial Group—to integrate with Banglalink’s existing mobile ecosystem, delivering financial services directly to Bangladesh’s 170 million mobile users. This follows Banglalink’s prior approval for its Mukto Pay digital payments service, positioning the new venture as a key player in Bangladesh’s push toward broader financial inclusion.
The approval comes under VEON’s broader “Invest in Bangladesh NOW!” initiative, a public-private partnership launched during the UN General Assembly in New York. The initiative seeks to mobilize $1 billion in foreign direct investment (FDI) from VEON and its partners, with the digital bank license serving as a critical step toward achieving that goal. VEON has committed an initial $250 million toward the initiative, reflecting its strategic focus on expanding its digital financial services footprint across Pakistan, Kazakhstan, and Uzbekistan, where it serves 59 million active financial customers and 227 million digital users as of Q2 2026.
The joint venture’s approval coincides with a notable milestone for Square Group, whose founder and chairman, Samson H Chowdhury, celebrates his 101st birthday. Square Group, a Bangladesh-based conglomerate with operations in pharmaceuticals, textiles, food and beverages, and other sectors, has long been a key player in the country’s private sector. The partnership underscores VEON’s ambition to leverage its global connectivity expertise—serving over 150 million connectivity customers across five countries—to deepen financial penetration in Bangladesh.
Financial inclusion remains a priority for Bangladesh, with the central bank and government actively encouraging digital banking to reduce unbanked populations. The new license aligns with broader regional trends, as VEON continues to expand its digital financial services capabilities while supporting Bangladesh’s economic diversification efforts.
