VEON’s Banglalink Launches Mukto Pay, Expanding Digital Financial Services in Bangladesh
Bangladesh becomes the fourth market in VEON’s digital financial services footprint.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
VEON (NASDAQ: VEON) has commercially launched Mukto Pay through Banglalink, extending its digital financial services business into Bangladesh. The launch follows Banglalink’s receipt of a Payment Service Provider licence from Bangladesh Bank in August 2026. The platform supports money transfers, bill payments and online payments at more than 9,500 merchants; Bangla QR payments are planned.
Bangladesh becomes VEON’s fourth digital financial services market. Its existing platforms served approximately 59 million active customers and contributed USD 151 million to Group digital revenue in Q2 2026. The broader Bangladesh initiative includes VEON’s USD 250 million investment commitment over the coming years and targets USD 1 billion in foreign direct investment. Separately, VEON and Square Group received Bangladesh Bank approval in September to establish a digital bank.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointDigital bank approval received by VEON and Square Group from Bangladesh Bank in September 2026.
- Minor pointMukto Pay commercially launched in Bangladesh following Banglalink’s August 2026 Payment Service Provider licence.
- Minor point. Forward-looking: it has not happened yet and may not happen.USD 1 billion foreign direct investment target under the broader Bangladesh initiative.
- Minor pointUSD 151 million in financial services contributions to Group digital revenue in Q2 2026.
- Minor pointApproximately 59 million active customers served by financial services platforms across Pakistan, Kazakhstan and Uzbekistan in Q2 2026.
Negative
- Moderate point. Forward-looking: it has not happened yet and may not happen.USD 250 million anchor investment committed by VEON over the coming years under the Bangladesh initiative.
- Moderate pointPublic-private partnership with the Government of Bangladesh remains proposed.
News Explained
Mukto Pay is commercially live: anyone can use its app regardless of mobile operator, and Banglalink customers can also send and receive money, pay utility bills and recharge by basic phone, extending access beyond smartphone users.
Key Figures
- Merchants available for online payment
- more than 9,500 merchants
- Mukto Pay launch
- PSP licence received
- August 2026
- Bangladesh Bank authorization preceding the launch
- Anchor investment
- USD 250 million
- VEON commitment under the Bangladesh initiative, over the coming years
- Foreign direct investment target
- USD 1 billion
- Total target for the Bangladesh initiative
- Active financial services customers
- approximately 59 million
- Across Pakistan, Kazakhstan and Uzbekistan in Q2 2026
- Financial services contribution to digital revenue
- USD 151 million
- Q2 2026
Key Terms
payment service provider (psp) licence regulatory
foreign direct investment financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
New digital payments platform brings everyday payments to customers and merchants across Bangladesh, with interoperable Bangla QR to follow
New York, Dubai and Dhaka, November 04, 2026: VEON Ltd. (NASDAQ: VEON), a global digital operator, today announced the commercial launch of Mukto Pay, a digital payments platform powered by its Bangladesh operating company, Banglalink. The launch follows the Payment Service Provider (PSP) licence Banglalink received from Bangladesh Bank, the central bank of Bangladesh, in August 2026, and brings VEON’s digital financial services experience to Bangladesh, deepening its investment in the country’s digital economy.
Mukto Pay is designed to make digital payments accessible across Bangladesh. In this first phase, anyone can use the Mukto Pay app, regardless of mobile operator, and Banglalink customers can also use a basic phone, to send and receive money, pay utility bills and recharge mobile accounts digitally. Customers can also pay online at more than 9,500 merchants, and a dedicated merchant application lets businesses register, receive payments and track transactions. The platform is also preparing to introduce and promote Bangla QR, Bangladesh’s national interoperable QR payment standard.
This launch reflects continued progress under VEON’s “Invest in Bangladesh NOW” initiative, a proposed public-private partnership with the Government of Bangladesh, formally launched in New York in September 2026, and advanced further through an investor symposium VEON and Banglalink hosted in New York later that same month. VEON’s initial USD 250 million anchor investment, committed over the coming years, forms part of that initiative, which aims to attract a total of USD 1 billion in foreign direct investment to advance connectivity, digital infrastructure, digital financial services and AI in Bangladesh.
“Mukto Pay reflects our long-term commitment to Bangladesh, putting digital financial services directly into the hands of customers and businesses. We have seen across our markets that connectivity creates the foundation, but lasting impact comes from building services around the way people live, work and transact. We are bringing that experience to Bangladesh, combining global technology and financial services expertise with Banglalink’s local reach and understanding of its customers,” said Kaan Terzioglu, Group Chief Executive Officer of VEON.
“With Mukto Pay, Banglalink is extending its reach beyond connectivity into everyday financial transactions. Mukto Pay gives individuals, merchants and businesses a way to participate in the digital economy, whether they use a smartphone or a basic mobile phone. This is a foundation on which we can continue to build a much broader set of digital financial services for Bangladesh,” said Johan Buse, Chief Executive Officer of Banglalink.
In September, VEON and Square Group also received Bangladesh Bank’s approval, to set up a digital bank. The planned digital bank, backed by VEON Digital Financial Group and Square Group, is expected to build on Banglalink’s connectivity, distribution and digital ecosystem to extend access to formal financial services.
VEON’s financial services platforms served approximately 59 million active customers across Pakistan, Kazakhstan and Uzbekistan in Q2 2026, with financial services contributing USD 151 million to the Group’s digital revenue in the quarter. Bangladesh now becomes the fourth market in VEON’s digital financial services footprint.
About VEON
VEON is a digital operator that provides connectivity and digital services to over 151 million connectivity customers and 228 million digital users. Operating across five countries that are home to more than
About Banglalink
Banglalink, the country's leading digital operator, places people at the heart of everything it does. Guided by a people first approach rooted in care, Banglalink works to make digital and financial services more accessible and meaningful in everyday life, ultimately making a better life for all. The company offers a range of digital solutions, including the Mukto app (formerly MyBL), the country's largest entertainment platform Toffee, and RYZE, the country's first AI powered digital lifestyle brand for youth. Banglalink is a fully owned subsidiary of VEON, a Nasdaq listed global digital operator headquartered in Dubai.
Forward Looking Statements Disclaimer
This release contains “forward-looking statements,” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, including in relation to VEON’s investment plans in Bangladesh.
Contact Information
VEON
pr@veon.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is VEON’s Mukto Pay launch in Bangladesh?
Mukto Pay is a commercially launched digital payments platform powered by VEON’s Bangladesh operating company, Banglalink. It supports money transfers, utility bill payments, mobile recharges and online merchant payments. The launch follows Banglalink’s receipt of a Payment Service Provider licence from Bangladesh Bank in August 2026.