Banglalink and its sole shareholder VEON have written to Bangladesh Bank expressing interest in securing a digital bank licence, the companies said in an expression-of-interest (EoI) sent to Governor Ahsan H Mansur, according to people familiar with the matter.
The approach follows earlier discussions with the central bank in Dhaka in September last year and in Washington in April. A Banglalink official said the carrier has not yet filed a formal application.
VEON, a NASDAQ-listed digital operator, reported 2024 revenue of $4.0 billion and EBITDA of $1.7 billion. It owns 100% of Banglalink, a private mobile operator in Bangladesh.
In the EoI, VEON cited experience running regulated digital financial services platforms across multiple markets, including “Simply!” in Kazakhstan, “Beepul” in Uzbekistan and Pakistan’s JazzCash, which serves more than 40 million customers.
JazzCash issues about 200,000 online loans daily and processes annual transaction volumes equivalent to roughly 10% of Pakistan’s GDP, according to the letter.
VEON and Banglalink said their capabilities in nationwide customer and merchant onboarding, risk management, interoperability, financial literacy and inclusion, cybersecurity and fraud prevention could be adapted to Bangladesh to support a shift toward a digitally driven, cash-lite economy.
The companies indicated they would pursue a localisation strategy and work within Bangladesh’s regulatory framework.
Bangladesh Bank has been exploring digitally native banking models to expand formal financial access and lower transaction costs.
An eventual Banglalink–VEON bid would add a telecom-backed contender to a field that has drawn interest from local financial and technology players seeking to leverage mobile penetration and real-time payments infrastructure.
The central bank’s evaluation process typically weighs ownership, capital strength, technology readiness, governance and consumer-protection safeguards, among other criteria.
No timetable has been set for a formal application from Banglalink and VEON.
The companies said they remain in contact with the central bank as they assess the licence requirements and potential operating model for a digital bank in Bangladesh.