Banglalink seeks digital bank licence from Bangladesh Bank
Bangladesh Bank sources confirmed that on 14 September, Banglalink and VEON wrote to the governor expressing their interest in establishing a digital bank
Private mobile operator Banglalink and its sole shareholder VEON have written to Bangladesh Bank Governor Ahsan H Mansur, expressing their interest in obtaining a digital bank license in Bangladesh.
The two companies had previously discussed the matter with the governor during meetings held in Dhaka in September last year and Washington in April this year.
When contacted, a Banglalink official, requesting anonymity, told The Business Standard that the company has sent an expression of interest (EoI) letter to the governor to obtain a digital bank license.
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"However, the company has not yet formally applied for the license," the official added.
Bangladesh Bank sources confirmed that on 14 September, Banglalink and VEON wrote to the governor expressing their interest in establishing a digital bank.
In the letter signed by VEON Group Chief Executive Officer Kaan Terzioglu and Banglalink Digital Communications Ltd CEO Johan Hendrik Martinus Buse, the companies stated, "We remain firmly committed to contributing to Bangladesh's digital financial services landscape and are highly optimistic about its potential to advance financial inclusion, foster innovation, and support sustainable economic growth."
"Pursuant to our initial application in 2023, and following subsequent constructive engagements with Bangladesh Bank, we would like to reiterate our strong interest in securing a digital bank license. With the application window now reopened, we respectfully submit this letter to reaffirm our continuing commitment to submitting a comprehensive and high-quality application in due course," they added.
VEON, a leading global digital operator listed on NASDAQ, reported $4.0 billion in revenue and $1.7 billion in EBITDA in 2024. It is the sole shareholder of Banglalink.
According to the letter to the governor, VEON has a proven track record in digital financial services through its operations such as 'Simply!' in Kazakhstan, 'Beepul' in Uzbekistan, and 'JazzCash' in Pakistan.
Notably, JazzCash now serves over 40 million customers, issues around 200,000 online loans daily, and processes transaction volumes equivalent to roughly 10% of Pakistan's GDP annually.
VEON and Banglalink said their experience with this large-scale, regulated platform—particularly in areas such as nationwide customer and merchant enablement, risk management, interoperability, financial literacy and inclusion, cybersecurity, and fraud prevention—can be responsibly transferred and localized in Bangladesh to support the country's transition toward a digitally driven, cashless economy.
