Banglalink, the third-largest telecom operator in Bangladesh, has recently applied for a digital banking license along with its parent company, VEON Ltd.
The group aims to expedite Banglalink’s entry into the fintech industry by obtaining a digital banking license. Banglalink announced on Thursday that by leveraging VEON’s renowned expertise in the digital financial solutions’ domain, the operator is set to elevate its services to new heights.
In Bangladesh, a nation with a population of 173 million, the accessibility of banking services is still alarmingly insufficient. Erik Aas, CEO of Banglalink, said that digitalization in Bangladesh has great potential, supporting the government’s vision of Smart Bangladesh and its goals for growth.
Banglalink is presently serving over 42 million subscribers in Bangladesh. According to bdnews24.com, MyBL, the app operated by the company, has an impressive monthly user base of 7.1 million customers.
To further expand and quicken the process of financial inclusion, Bangladesh has unveiled its intention to introduce a digital bank within the current fiscal year. A consortium of ten private banks has been formed to lead the way in launching a groundbreaking digital bank.