VEON, the parent company of Banglalink, has proposed a significant investment initiative aimed at attracting $1 billion in foreign direct investment (FDI) to support Bangladesh’s digital and financial transformation. Founder and Chairman of the Board of VEON Group, Augie K Fabela II, announced the company’s plan to serve as the anchor investor with an initial commitment of $250 million. This initiative, named “Invest in Bangladesh NOW,” is designed to help attract the total $1 billion in FDI.
Anchor Investment and International Partnerships
Fabela emphasized that VEON is prepared to engage international partners to unlock Bangladesh’s potential. The company is fully aligned with the government’s vision for digital and financial transformation and is ready to support that vision through long-term investment, innovation, and partnership. The proposal was discussed during a meeting with Prime Minister Tarique Rahman, where VEON outlined its vision to establish a comprehensive digital finance ecosystem in Bangladesh.
Focus on Digital Infrastructure and Services
The proposed investment will focus on next-generation digital infrastructure, digital banking, mobile financial services (MFS), artificial intelligence (AI), and advanced connectivity. VEON aims to provide accessible digital banking, microfinance, and micro-insurance services to millions of underserved Bangladeshis, thereby accelerating digital and financial inclusion. The initiative is a public-private partnership in collaboration with the Government of Bangladesh, including the Ministry of Posts, Telecommunications, and ICT.
Commitment to Digital Transformation
Chief Executive Officer of Banglalink, Johan Buse, reiterated the company’s commitment to partnering with the government to accelerate Bangladesh’s digital and financial transformation. Through continued investment, innovation, and strategic collaboration, Banglalink aims to expand access to impactful digital and financial services, creating new opportunities and contributing to a better life for all.
Future Plans and Collaborations
Looking ahead, VEON and Banglalink aim to deepen their digital footprint in Bangladesh by exploring opportunities in digital banking, education, healthcare, agriculture, ride-sharing, IoT solutions, and advanced connectivity offerings, including Starlink’s direct-to-cell technology. This comprehensive approach underscores VEON’s dedication to fostering a robust digital economy in Bangladesh.
