VEON, Square Group Receive Bangladesh Bank Approval for Digital Bank License

Veon Ltd and Banglalink hosted a symposium in New York to mobilize $1bn for Bangladesh's digital economy, backed by a $250m commitment from Veon. The event attracted global investors, including BlackRock and the World Bank, and highlighted Banglalink's expansion into digital services and Starlink connectivity. According to Veon, the initiative aims to attract investment in connectivity, digital infrastructure, and AI.

VEON Ltd and Square Group's joint venture secured a digital bank licence in Bangladesh. VEON committed $250M, aiming for $1B in FDI. The bank will integrate with Banglalink's mobile ecosystem, extending financial tools nationwide. VEON's Digital Financial Group serves 59M customers across Pakistan, Kazakhstan, and Uzbekistan.

VEON Ltd. (Nasdaq: VEON) and Square Group received a digital bank license from Bangladesh Bank. The joint venture aims to expand digital banking in Bangladesh, integrating with VEON's existing Mukto Pay service. VEON committed $250M initially, targeting $1B in investments. The license supports VEON's strategy to grow digital financial services in emerging markets.

VEON announced a $200M share buyback program to repurchase 3.9% of its outstanding shares, with all repurchased shares to be cancelled. The company has already bought back 4.46M ADSs for $227.6M since August 2024, aiming to enhance per-share value and reward shareholders.

Veon Ltd (VEON) hit a 52-week high of $63.44, with a 19% year-to-date gain. The company reported a 17% revenue increase to $1.27B in Q2, an 88% rise in EPS, and updated its 2026 outlook, projecting 15-18% revenue growth and 9-12% EBITDA growth. Analysts note strong cash generation and digital growth, with digital revenue up 53.6% to $342M.

Banglalink, Veon’s Bangladesh unit, received a Payment Service Provider licence from Bangladesh Bank to launch “Mukto Pay.” The app is slated for full commercial operations next month, pending remaining regulatory and technical steps. Mukto Pay will cover transfers, merchant and e-commerce payments, bill payments, and disbursements. Veon also said it plans $250m investment and applied for a digital bank licence.