Banglalink Secures Approval for Digital Payment Services
Dubai and Dhaka - VEON Ltd. (NASDAQ: VEON) is thrilled to announce that Banglalink, their digital operator in Bangladesh, has recently gained the official go-ahead from Bangladesh Bank to operate as a payment service provider. This is a significant milestone for Banglalink, representing its strategic goal to delve deeper into the realm of digital financial services.
Transforming Financial Services in Bangladesh
This new licensing allows Banglalink to provide regulated financial services that include money transfers and payment capabilities for customers. Notably, with a vast portion of Bangladesh's population—estimated at a staggering 72%—still lacking access to conventional banking services, this initiative is poised to enhance financial inclusion across the nation.
Preparing for Launch
As Banglalink gears up for the commercial launch of its services, it is actively collaborating with Bangladesh Bank and key partner institutions to ensure an efficient rollout. The digital payments offering will seamlessly integrate essential financial services into the daily lives of users, making access easier than ever.
Diverse Range of Payment Solutions
Initially, Banglalink’s digital payment solutions will encompass various features such as instant transfers between individuals, remittance services, payment of utility and government bills, e-commerce transactions, and salary disbursement. Future updates will introduce innovative financial options, including micro-savings and insurance premium payments, all underpinned by a robust security framework to ensure safe and reliable transactions.
Empowering Customers with Digital Financial Services
“The introduction of digital financial services sits at the heart of our DO1440 strategy, focused on empowering our users with relevant technologies for every moment of their lives,” stated Kaan Terzioglu, CEO of VEON Group. “Obtaining the green light for Banglalink to offer payment services will allow us to provide essential financial tools to our customers, directly enhancing Bangladesh's progress toward becoming a vibrant digital economy.”
Aiming for an Inclusive Digital Payment Ecosystem
Johan Buse, CEO of Banglalink, expressed optimism regarding the approval: “With Banglalink’s extensive network and VEON’s international expertise, we are committed to fostering a secure and accessible digital payment ecosystem in Bangladesh. This decision reaffirms our vision that simple, secure financial services can be made available to all. Banglalink will continue its mission to drive meaningful digital innovation that enriches lives, empowers communities, and accelerates the nation’s progress towards a connected and advanced digital economy.”
Building on Existing Success in Digital Financial Services
The expansion into digital payment solutions is a natural progression for VEON, which has already established a solid foundation in digital financial services across its other operating markets. As of the end of September, the company reported 42.1 million monthly active users across its financial services, a notable 25% growth year-over-year. The launch in Bangladesh marks an exciting extension of this expertise into one of South Asia’s fastest-growing digital economies.
About Banglalink
Banglalink stands as one of the foremost digital communications service providers in Bangladesh, consistently driving to unlock new opportunities for its customers as they advance through the digital landscape. Fueled by a vision of transforming lives through technology, Banglalink is also on a journey to evolve into a future-ready service provider capable of meeting the demands of the new digital age. Visit www.banglalink.net for more information.
About VEON
VEON is a digital operator delivering integrated connectivity and digital services to nearly 150 million users. With operations spread across five countries, serving more than 6% of the global population, VEON is committed to transforming lives through technology-focused services that empower individuals and stimulate economic growth. VEON is publicly listed on NASDAQ. For further details, you can visit www.veon.com.
Frequently Asked Questions
What is the significance of Banglalink's new payment services?
Banglalink's payment services aim to enhance financial inclusion in Bangladesh, targeting the significant population currently underserved by traditional banking.
What types of services will Banglalink offer?
Services will include person-to-person transfers, bill payments, e-commerce transactions, and eventually micro-savings and insurance payments.
Who is behind the launch of these services?
The services are backed by VEON Ltd., with Banglalink leading the initiative in collaboration with Bangladesh Bank and other partners.
Why is this launch important for Bangladesh's economy?
This launch will provide easier access to financial services, fostering economic growth and a more inclusive digital economy.
How can customers benefit from Banglalink's payment services?
Customers will experience a seamless integration of financial services into their daily lives, which simplifies transactions and enhances their overall financial management.
