Veon launches Mukto Pay in Bangladesh, its fourth DFS market

Veon has commercially launched Mukto Pay, a digital payments platform run by its Bangladeshi operator Banglalink, making Bangladesh the fourth market in the group's digital financial services footprint. The launch follows the Payment Service Provider (PSP) licence that Bangladesh Bank, the country's central bank, awarded to Banglalink in August.

The rollout gives Veon a financial services presence that now spans Bangladesh, Pakistan, Kazakhstan and Uzbekistan. Across those three earlier markets, Veon's platforms served roughly 59 million active customers in Q2 2026 — a customer base roughly one and a half times the population of Bangladesh's neighbour Sri Lanka.

What can Mukto Pay users do?

In this first phase, anyone in Bangladesh can use the Mukto Pay app regardless of which mobile operator they subscribe to. Banglalink customers can also access the service on a basic phone, not just a smartphone.

The platform supports:

• sending and receiving money
• paying utility bills
• recharging mobile accounts digitally
• online payments at more than 9,500 merchants

A dedicated merchant application lets businesses register on the platform, receive payments and track their transactions. The platform is also preparing to introduce and promote Bangla QR, Bangladesh's national interoperable QR payment standard, which would align Mukto Pay with the country's broader payments infrastructure.

How does this fit Veon's Bangladesh investment plan?

Veon frames the launch as progress under its Invest in Bangladesh NOW initiative, a proposed public-private partnership with the Government of Bangladesh that was announced in the summer and formally launched in September 2026. The initiative targets a total of US$1 billion in foreign direct investment to advance connectivity, digital infrastructure, digital financial services and AI in Bangladesh.

Veon has committed an initial US$250 million anchor investment over the coming years as its own contribution to that goal. The company describes the Mukto Pay launch as evidence of continued execution under the initiative, though the bulk of the US$1 billion target still depends on attracting outside investors.

Is a digital bank coming next?

Separately, in September, Veon and Square Group, a multinational conglomerate based in Bangladesh, received Bangladesh Bank's approval to set up a digital bank. The planned institution is backed by Veon Digital Financial Group, the financial services division of Veon, together with Square Group.

The digital bank is expected to build on Banglalink's connectivity, distribution network and digital ecosystem to extend access to formal financial services across the country. Combined with the PSP licence and Bangla QR interoperability on the roadmap, the approval signals that Bangladesh Bank is willing to let an operator-linked group assemble a full stack of regulated financial services around its telecom business.

Why Bangladesh matters to Veon

For Veon, the pattern is familiar. The operator has already built large financial services businesses in Pakistan, Kazakhstan and Uzbekistan, where its platforms reached approximately 59 million active customers in Q2 2026. Bangladesh, with its large unbanked population and dense mobile user base, offers the same combination that powered those earlier ventures.

The Mukto Pay launch marks the first concrete consumer-facing step in that plan. Whether the proposed digital bank with Square Group follows quickly will depend on Bangladesh Bank's licensing timeline, but with a US$250 million anchor investment committed and the US$1 billion Invest in Bangladesh NOW target in view, Veon has signalled that financial services will sit at the centre of its Bangladesh strategy for years to come.