Banglalink parent VEON plans new investments in Bangladesh
Banglalink's parent company VEON plans to make new investments in Bangladesh to support digital and financial inclusion, the company said.
Augie K Fabela II, Founder and Chairman of the Board of VEON Group, met Prime Minister Tarique Rahman at the Prime Minister's Office in Dhaka today (29 June) to discuss new investment opportunities.
The company said the proposed initiatives are aimed at reducing Bangladesh's digital and financial divide and supporting the country's long-term economic growth.
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Posts, Telecommunications, Information Technology and Science and Technology Minister Faqir Mahbub Anam and Rehan Asif Asad, Adviser to the Ministry of Posts, Telecommunications and Information Technology and the Ministry of Science and Technology, were present at the meeting.
The VEON delegation included Michiel Soeting, Member of the Board of Directors of VEON; Johan Buse, Chief Executive Officer of Banglalink; and Taimur Rahman, Chief Corporate and Regulatory Affairs Officer of Banglalink.
During the meeting, VEON outlined its plan to establish a digital finance ecosystem in Bangladesh.
The company said it aims to use its global fintech experience to provide digital banking, microfinance and micro-insurance services to underserved people in Bangladesh.
VEON also discussed a framework for launching the "Invest in Bangladesh NOW" initiative, a proposed public-private partnership with the Government of Bangladesh.
The company said the initiative aims to help attract $1 billion in foreign direct investment, with VEON serving as an anchor investor through an initial commitment of $250 million.
The proposed investment will focus on next-generation digital infrastructure, digital banking, mobile financial services, artificial intelligence and advanced connectivity.
VEON said it also plans to use its global network to encourage international investors to explore opportunities in Bangladesh's digital economy.
"We are a long-term partner in Bangladesh's journey towards becoming a trillion-dollar economy. Through the 'Invest in Bangladesh NOW' initiative, VEON is prepared to serve as the anchor investor in an ambitious programme designed to help attract $1 billion in foreign direct investment," Augie K Fabela II said.
"Alongside our own investment, we will actively engage international partners to unlock Bangladesh's tremendous potential. We are fully aligned with the government's vision for digital and financial transformation and stand ready to support that vision through long-term investment, innovation and partnership," he added.
Johan Buse, Chief Executive Officer of Banglalink, said the company is committed to working with the government to accelerate Bangladesh's digital and financial transformation.
"We began our journey by democratising mobile telephony, making connectivity accessible to millions across Bangladesh. Today, through continued investment, innovation and strategic collaboration, we aim to expand access to impactful digital and financial services, creating new opportunities and contributing to a better life for all," he said.
VEON and Banglalink said they are exploring new growth areas in Bangladesh, including digital banking, education, healthcare, agriculture, ride-sharing, internet of things solutions and advanced connectivity offerings such as Starlink's direct-to-cell technology.
