Veon, Banglalink host New York investor symposium to mobilise $1bn for Bangladesh

Veon Ltd and its Bangladesh subsidiary, Banglalink, hosted the inaugural investor symposium of the "Invest in Bangladesh NOW!" initiative in New York on Thursday (24 September), inviting global investors, development finance institutions, and Bangladesh government officials to discuss investment opportunities in the country's digital economy.

Held on the sidelines of the United Nations General Assembly High-Level Week, the closed-door roundtable was the initiative's first major international event. Backed by an initial $250 million commitment from Veon, it aims to mobilise $1 billion in foreign direct investment for Bangladesh's digital economy, according to the press release.

Veon launched the "Invest in Bangladesh NOW!" initiative earlier this year as a proposed public-private partnership with the Government of Bangladesh.

The initiative focuses on attracting investment in connectivity, digital infrastructure, digital financial services and artificial intelligence.

Finance Minister Amir Khosru Mahmud Chowdhury attended the symposium, along with Adviser to the Prime Minister for Posts, Telecommunications and Information Technology Rehan Asif Asad, and Special Assistant to the Prime Minister for Investment and Capital Market Affairs Tanvir Shahriar Ghani, as well as other senior government officials.

Senior representatives from the Government of the United Arab Emirates and the US Department of State also attended.

Representatives from global investors and development finance institutions, including BlackRock, Rothschild, the International Finance Corporation (IFC) and the World Bank, were present at the roundtable.

Veon Group Chief Executive Officer Kaan Terzioglu said, "Bangladesh's digital transformation creates a compelling opportunity for long-term investment."

"We are backing that opportunity with a $250 million commitment and bringing international partners together to help mobilise $1 billion into the country's digital economy."

"Through Banglalink, we are expanding from connectivity into digital services that help people make payments, access opportunities and participate more fully in the economy. Our ambition is to turn investment into a better life for all," he added.

Veon Chairman and Founder Augie K Fabela II said the company invests in markets whose digital potential global capital still undervalues.

"Bangladesh is home to more than 170 million people, a young and ambitious population, and a digital economy that is accelerating quickly," he said.

"Putting our own capital first, ahead of other investors, reflects our long-term confidence in what this country is building," Fabela added.

The event also highlighted recent developments in Banglalink's expansion beyond conventional telecommunications services.

Banglalink has received approval from the Bangladesh Telecommunication Regulatory Commission (BTRC) to launch Starlink Direct-to-Cell satellite-to-mobile connectivity.

The service is designed to allow compatible 4G-enabled mobile phones to connect directly to satellites in areas where conventional mobile coverage is unavailable, without requiring a satellite dish or other specialised equipment.

Banglalink has said the launch would make Bangladesh the first country in South Asia to introduce Starlink Direct-to-Cell connectivity.

Another development highlighted at the symposium was Bangladesh Bank's initial approval for a proposed digital bank backed by Veon Digital Financial Group and Square Group.

The proposed Nova Digital Bank received initial regulatory approval through the Letter of Intent stage and must fulfil Bangladesh Bank's requirements before receiving a final operating licence.

This builds on Banglalink's existing Payment Service Provider (PSP) licence, which supports its Mukto Pay digital payments service.

Banglalink also recently launched Mukto Pay, its digital payments platform for money transfers, merchant payments, bill payments and disbursements.

Banglalink Chief Executive Officer Johan Buse said, "Today marks a defining moment in Banglalink's evolution as a digital operator."

"By bringing together the world's leading investors and development finance institutions in New York, Veon has created a platform for Bangladesh that we believe will generate real, sustained investment in our country's digital future, and we are proud to be at the centre of that story," he added.

Veon said the inaugural symposium connected Bangladesh's digital investment opportunities with global capital and supported broader investment in connectivity, digital infrastructure, financial services and technology.