VEON and its Bangladeshi arm Banglalink have renewed their campaign to enter Bangladesh's nascent digital banking space, submitting a detailed expression of interest to Bangladesh Bank Governor Dr Ahsan H. Mansur.
According to a formal letter, which was obtained by The Financial Express, the expression of interest was routed through Md Bayazid Sarker, Director of the Banking Regulation and Policy Department (BRPD). It requests clarifications about certain provisions in the newly revised Digital Bank Guidelines to make sure that VEON's forthcoming application fully aligns with regulatory expectations.
In the document, VEON Group CEO and Banglalink Chairman Kaan Terzio?lu, together with Banglalink CEO Johan Hendrik Martinus Buse, thanked the central bank for prior engagement during meetings in Dhaka in September 2024 and in Washington, D.C., in April 2025.
They emphasise that VEON's interest in a digital bank is not new: following their initial application in 2023, they now see the re-opening of the licence window as a renewed opportunity to submit a robust and well-prepared proposal.
VEON describes itself in the letter as a global digital operator listed on NASDAQ, citing US$4.08 billion revenue and US$1.78 billion EBITDA in 2024, and indicates that it is the sole shareholder of Banglalink.
It highlights its existing footprint in digital financial services across Central Asia and South Asia - citing Kazakhstan and Beepul in Uzbekistan - and especially draws attention to its operations via JazzCash in Pakistan.
According to the letter, JazzCash serves over 40 million customers, issues around 200,000 online loans daily, and handles a transaction volume equivalent to roughly 10 per cent of Pakistan's GDP.
VEON argues that its experience across customer and merchant enablement, risk management, interoperability, financial literacy, cybersecurity, and fraud control is transferable and can be localised to drive Bangladesh's transition toward a digital, cash-light economy.
The letter states that VEON and Banglalink have carefully studied Bangladesh Bank's Digital Bank Guidelines and now seek further clarification on specific items enumerated in an annex to the submission.
It asks for the regulator's guidance in finalising their proposal so that their application matches both the letter and the spirit of the rules.
In response to media interest, Banglalink issued its own public statement reiterating the group's long-term goals. "As previously noted by VEON and Banglalink representatives, we always aim to play a key role in supporting financial inclusion and the growth of Bangladesh's digital economy," the company said.
"We are excited to note the opportunities emerging for the digitalisation of services. When and if we see the right opportunity, our parent company VEON or Banglalink will follow the due processes and contribute to the advancement of financial services in the country, leveraging the well-known capabilities in our company and our Group for the benefit of Bangladesh, and reflecting our commitment as a customer-first brand that genuinely cares about improving people's lives."
The letter is also copied to Dr Salehuddin Ahmed, Adviser to the Ministry of Finance, and Chowdhury Ashik Mahmud Bin Harun, Executive Chairman of the Bangladesh Investment Development Authority (BIDA), indicating VEON/Banglalink's desire for alignment with government stakeholders.
bdsmile@gmail.com
© 2026 - All Rights with The Financial Express
