VEON's joint venture with Square Group has secured a digital bank license in Bangladesh, expanding its digital financial services and supporting its "Invest in Bangladesh NOW!" initiative. This move signifies VEON's deeper commitment to the Bangladeshi market and its ambition to mobilize significant foreign direct investment.
VEON announced that its joint venture with Square Group received a digital bank license from Bangladesh Bank. This is a significant step for VEON as it marks its entry into full-scale digital banking in Bangladesh, building on its existing payment services. This development is part of VEON's broader 'Invest in Bangladesh NOW!' initiative, a public-private partnership aiming to mobilize US$1 billion in foreign direct investment. For traders, this represents a long-term growth opportunity for VEON in an emerging market, potentially increasing its revenue streams and market share in digital financial services. The short-term impact might be moderate, but it signals a strategic commitment that could yield substantial returns over time, positioning VEON as a key player in Bangladesh's digital transformation.