Banglalink yesterday launched Mukto Pay, a digital payment platform that will allow customers of all mobile operators to send and receive money, pay utility bills and recharge their phones.
The telecom operator plans to expand its digital financial services business through the new platform, which operates as a payment service provider (PSP).
Unveiling the service at a press conference in Dhaka, Johan Buse, chief executive officer of Banglalink, said the company wanted to make digital payments simpler and more affordable to help more people access financial services.
He also said Banglalink planned to launch a digital bank within the next six months.
The proposed bank would allow customers to transfer money instantly, access affordable financial services and take out small loans through their mobile phones, Johan said.
Around half of the country’s population does not have a bank account and misses out on financial opportunities, he added.
Kaan Terzioğlu, CEO and board member of Banglalink’s parent company VEON, said the digital bank would focus on people with limited access to banking services rather than compete with traditional banks in lending to large businesses or the government.
Small loans could help people start or expand businesses, while digital savings services would provide a safer way to keep money than holding cash or buying gold, he said.
VEON is also working to attract more international investment to Bangladesh through a series of roadshows, Kaan said. Its first roadshow was held in New York around six weeks ago, bringing together investment banks, international financial institutions and government representatives.
The initiative aims to bring an additional $1 billion in investment to the country, he added.
On Banglalink’s possible stock market listing, Kaan said the government wanted the company to go public. However, VEON would wait for the right time to ensure it could meet its responsibilities to investors.
He also called for more affordable spectrum, saying lower prices would encourage investment, improve service quality and accelerate digitalisation.
Spectrum should be treated as a driver of economic growth rather than simply a source of government revenue, he said.
Johan echoed the call, saying affordable spectrum would encourage investment and improve connectivity, particularly for the country’s young population as it prepares for the artificial intelligence era.
The event also marked VEON’s first board meeting in Bangladesh, bringing together its global leadership to discuss the group’s operations and investment opportunities in the country.
Augie K Fabela II, chairman and founder of VEON, and board members Andrei Gusev, Sir Brandon Lewis, Duncan Perry and Michiel Soeting attended the event, along with senior Banglalink officials.
Banglalink said it had invested $2.5 billion in Bangladesh, paid $4 billion in taxes, created 10,000 jobs and served around 40 million customers.
It is also the first operator in South Asia to launch Starlink-powered direct-to-cell services. Its infotainment platform, Toffee, has around seven million monthly users.