VEON's Banglalink Receives Bangladesh Bank Approval to Launch Digital Payment Service Mukto Pay

Banglalink targets September 2026 commercial launch as new licence advances VEON's digital financial services ambitions

Dubai, Dhaka, and New York, August 12, 2026: VEON Ltd. (NASDAQ: VEON) today announced that its Bangladesh operating company Banglalink has received a Payment Service Provider (PSP) licence from Bangladesh Bank, the central bank of Bangladesh, paving the way for its entry into the country's digital payments market. Banglalink will launch its digital payment services under the brand Mukto Pay, a fully owned Banglalink service designed to provide customers with simple, secure and accessible digital payment solutions. The name "Mukto," meaning "freedom" in Bengali, reflects Banglalink's vision of broadening access to financial services.

This licence reflects continued progress under the framework VEON outlined in June 2026 for launching "Invest in Bangladesh NOW," a proposed public-private partnership with the Government of Bangladesh. VEON's initial USD 250 million investment, committed over the coming years, forms part of that framework, which aims to attract a total of USD 1 billion in foreign direct investment to advance connectivity, digital infrastructure, digital financial services, and AI in Bangladesh.

Kaan Terzioglu, CEO of VEON Group, said: "Mukto Pay is a clear example of how our operating companies are moving beyond connectivity to build the digital and financial infrastructure their markets need. Bangladesh has enormous potential, and by giving individuals, micro-merchants and small businesses who remain unbanked or underserved a simple way into the formal financial system, Banglalink is helping more people participate in the country's growth. This reflects a pattern we are building across VEON: connectivity as the foundation, digital financial services as the next layer of value."

Johan Buse, Chief Executive Officer of Banglalink, said: "Banglalink's operating momentum, with revenue up 4.1% YoY in BDT terms and underlying EBITDA rising 13.6% in the second quarter of 2026, gives us a strong foundation to invest further in digital and financial services. 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 marks the next step in that ambition, contributing to a more inclusive, cashless and digitally empowered Bangladesh, making a better life for all."

VEON's digital services continue to gain momentum, with financial services a key and growing contributor. In Q2 2026, digital revenue rose 53.6% YoY to USD 342 million, or 26.9% of total Group revenue, with financial services alone contributing USD 151 million, approximately 44% of that total. VEON's financial services platforms served approximately 59 million active customers across Pakistan, Kazakhstan and Uzbekistan during Q2 2026. Bangladesh is now set to join this growing footprint, with Banglalink targeting a full commercial launch of Mukto Pay in September 2026, subject to completion of remaining regulatory and technical requirements.

Once launched, Mukto Pay will facilitate a range of digital transactions, including money transfers, merchant and e-commerce payments, utility and government bill payments, salary and other disbursements, as well as other approved payment services. Alongside this expansion into digital payments, VEON is also pursuing opportunities in digital banking in Bangladesh and has applied for a Digital Bank licence.

About VEON
VEON is a digital operator that provides connectivity and digital services to over 151 million connectivity customers and more than 227 million digital users. Operating across five countries that are home to more than 6% of the world's population, VEON is transforming lives through technology driven services that empower individuals and drive economic growth. VEON is listed on Nasdaq. For more information, visit: https://www.veon.com.

About Banglalink
Banglalink, the country's leading digital operator, places people at the heart of everything it does. Guided by a people first approach rooted in care, Banglalink works to make digital and financial services more accessible and meaningful in everyday life, ultimately making a better life for all. The company offers a range of digital solutions, including the MyBL super app, the country's largest entertainment platform Toffee, and RYZE, the country's first AI powered digital lifestyle brand for youth. Banglalink is a fully owned subsidiary of VEON, a Nasdaq listed global digital operator headquartered in Dubai.

Forward Looking Statements Disclaimer
This release contains “forward-looking statements,” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, including in relation to VEON’s investment plans in Bangladesh.

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