VEON and Square Group Secure Digital Bank License in Bangladesh

A joint venture between VEON Ltd. and Square Group has received approval for a digital bank license from Bangladesh Bank, the central bank of Bangladesh. The initiative integrates the new bank with the mobile ecosystem of Banglalink, a VEON subsidiary, to provide financial services to the country's unbanked population.

The venture operates under the Invest in Bangladesh NOW! framework, a public-private partnership with the Government of Bangladesh. As part of this agreement, VEON has committed an initial anchor investment of 250 million US dollars. The company aims to mobilize a total of 1 billion US dollars in foreign direct investment to enhance AI, connectivity, and digital infrastructure.

By combining VEON's global technology with the domestic retail and distribution networks of Square Group, the bank intends to expand financial inclusion. The project leverages Banglalink's existing Payment Service Provider license and nationwide telecommunications network to facilitate the rollout of digital financial services.