VEON, Square Group win Bangladesh Bank approval for digital bank joint venture
VEON•VEON and Bangladesh’s Square Group received Bangladesh Bank approval for a digital bank joint venture. The venture is expected to integrate with Banglalink’s mobile ecosystem and is part of VEON’s plan backed by an initial $250 million commitment targeting $1 billion in foreign direct investment.
1. Digital bank approval
VEON and Square Group received Bangladesh Bank licensing clearance for a joint venture to launch a digital bank in Bangladesh. The bank is expected to integrate with Banglalink’s mobile ecosystem to broaden access to banking for underserved and unbanked users.
2. VEON’s Bangladesh plan
The venture builds on Banglalink’s Payment Service Provider license for Mukto Pay and is part of VEON’s “Invest in Bangladesh NOW!” plan. The plan is backed by an initial $250 million commitment and targets $1 billion in foreign direct investment. VEON Digital Financial Group had 59 million active financial services customers across Pakistan, Kazakhstan and Uzbekistan as of the second quarter of 2026.
