Banglalink secures PSP licence, to launch Mukto Pay
Banglalink has received a payment service provider (PSP) licence from Bangladesh Bank, paving the way for the digital operator to enter the country's digital payments market.
The company will offer its digital payment services under Mukto Pay, a fully owned Banglalink service designed to provide simple, secure, and accessible payment solutions, according to a press release.
The license marks Banglalink's expansion into digital financial services as Bangladesh seeks to transform its financial ecosystem, accelerate the transition towards a cashless society, and become a $1 trillion economy by 2034.
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Mukto Pay aims to give customers greater financial freedom and convenience by simplifying everyday digital transactions.
Building on Banglalink's efforts to expand access to mobile connectivity across Bangladesh, the service seeks to extend that reach to digital financial services and help narrow the financial inclusion gap.
Mukto Pay will enable individuals, micro-merchants, and small businesses—particularly those unbanked or underserved by formal financial institutions—to participate more actively in the country's growing digital economy.
The service will leverage Banglalink's nationwide connectivity, extensive customer reach, and expanding digital ecosystem, with a particular focus on broadening access to digital financial services among underserved communities.
The licence forms part of the broader strategy of Banglalink and its parent company, VEON, to invest in and expand digital financial services in Bangladesh.
It also represents another step in Banglalink's transformation from a telecommunications company into a digital operator, extending its presence beyond connectivity into digital and financial services intended to meet customers' everyday needs.
"Bangladesh's journey towards building a cashless society and becoming a trillion-dollar economy will require greater financial inclusion and a digital ecosystem that enables more people to participate in the country's growth," said Banglalink Chief Executive Officer Johan Buse.
"Mukto Pay is an important step in that direction. By combining Banglalink's nationwide reach and deep understanding of local customers with VEON's global digital expertise, we aim to make digital payments simpler, more accessible and more relevant to people's everyday lives.
"This licence strengthens our ambition to invest further in digital financial services and contribute to building a more inclusive, cashless and digitally empowered Bangladesh, making a better life for all," he added.
Mukto Pay will facilitate money transfers, merchant and e-commerce payments, utility and government bill payments, salary and other disbursements, and other approved payment services.
Alongside its expansion into digital payments, VEON is pursuing opportunities in digital banking and has applied for a digital bank license.
