VEON Ltd. (NASDAQ: VEON) and Mastercard have announced a collaboration to develop financial services across Ukraine, Kazakhstan, Pakistan and Uzbekistan, according to a press release issued July 2, 2026.

The partnership aims to combine VEON's digital platforms and customer base with Mastercard's payments network to explore products including AI-powered credit scoring, embedded finance, digital wallets, merchant services, loyalty programs and remittances.

The companies said the collaboration is intended to address barriers faced by consumers and small businesses that lack access to traditional banking, including limited credit history and fragmented payment infrastructure in cash-heavy economies.

Pilots are expected to begin in Ukraine and Kazakhstan, with potential expansion into VEON's other markets. The companies also said they intend to explore opportunities in markets where VEON does not currently operate, using Mastercard's global network.

"Our local presence and sovereign platforms, combined with Mastercard's global capabilities, help turn connectivity into greater economic opportunity for the people and communities we serve," said Kaan Terzioglu, Chief Executive Officer of VEON Group.

Mete Guney, Executive Vice President, Market Development, EEMEA at Mastercard, said the collaboration "reflects our shared commitment to advancing digital financial inclusion and creating pathways to greater economic participation across the region."

VEON states it provides connectivity and digital services to over 150 million users across five countries. All planned services are subject to applicable regulatory requirements.