VEON Ltd. (NASDAQ: VEON) announced that its Bangladesh subsidiary Banglalink has received a Payment Service Provider licence from Bangladesh Bank, the country's central bank, clearing the way for the launch of a digital payment service under the brand Mukto Pay.

Banglalink is targeting a commercial launch of Mukto Pay in September 2026, subject to completion of remaining regulatory and technical requirements. The service will support money transfers, merchant and e-commerce payments, utility and government bill payments, and salary disbursements, among other approved payment services.

The licence follows the framework VEON outlined in June 2026 for a proposed public-private partnership with the Government of Bangladesh called "Invest in Bangladesh NOW." VEON has committed an initial $250 million investment over the coming years as part of that framework, which targets a total of $1 billion in foreign direct investment directed at connectivity, digital infrastructure, digital financial services, and AI in Bangladesh.

Banglalink CEO Johan Buse noted that the company's revenue rose 4.1% year-over-year in BDT terms and underlying EBITDA increased 13.6% in the second quarter of 2026. VEON reported that its digital revenue rose 53.6% year-over-year to $342 million in Q2 2026, representing 26.9% of total group revenue, with financial services contributing $151 million of that total. VEON's financial services platforms served approximately 59 million active customers across Pakistan, Kazakhstan, and Uzbekistan during Q2 2026.

VEON has also applied for a Digital Bank licence in Bangladesh. Mukto Pay will be a fully owned Banglalink service. The name "Mukto" means "freedom" in Bengali, according to the company.