# VEON and Square Group Receive Bangladesh Bank Digital Bank Approval

URL: https://decisioninsights.ai/veon-and-square-group-receive-bangladesh-bank-digital-bank-approval/

VEON Ltd. said a joint venture involving VEON Digital Financial Group and Square Group received approval from Bangladesh Bank for a Digital Bank license. The approval gives the organizations a defined path to operate a digital bank in Bangladesh, building on existing payments activity supported by Banglalink.
The license approval came as VEON described continued progress under its “Invest in Bangladesh NOW!” framework, which it said included a public-private partnership with the Government of Bangladesh. VEON said it committed an initial US$250 million anchor investment and referenced an ambition to mobilize US$1 billion in foreign direct investment for Bangladesh.
VEON said the digital bank was expected to integrate with Banglalink’s mobile ecosystem and extend end-to-end financial tools to mobile users across the country. It also described the venture’s intent to combine VEON Digital Financial Group’s technology expertise with Square Group’s domestic manufacturing, distribution, and retail networks.
“Financial inclusion is key to eradicating poverty, and today's approval marks an important step toward that goal in Bangladesh. We're grateful to Bangladesh Bank and the Government of Bangladesh for their continued support in building the digital financial infrastructure the country needs. Together with Square Group, a trusted and well-established partner, this brings us closer to our commitment to bringing more of Bangladesh's unbanked population into the formal financial services system,” said Kaan Terzioglu, Group Chief Executive Officer of VEON. “On the 101st birthday of Samson H Chowdhury, founder Chairman of Square Group, we are delighted to receive Bangladesh Bank's approval for the Digital Bank license, for which we are deeply honoured by the trust and confidence of Bangladesh Bank. VEON brings the right technological expertise and global experience, while Square Group is a trusted name built over the last 68 years. We hope that the people of this country will benefit from the services of this digital bank once it goes into operation,” said Tapan Chowdhury, Managing Director, Square Group.
“With our Mukto Pay already in place and a digital banking license now awarded, we are well positioned to serve all Bangladeshis, especially those who have lacked access to conventional banking. Combining Banglalink's nationwide telecommunications network and distribution with digital financial services enables the new digital bank to ensure financial inclusion for the people of Bangladesh,” said Johan Buse, Chief Executive Officer of Banglalink.