Banglalink gets BB approval to launch Mukto Pay

(PSP) license from Bangladesh Bank, clearing the way for the telecom operator to enter Bangladesh's digital payments market with its fully owned service "Mukto Pay".

The approval marks a step in Banglalink's expansion into digital financial services, with Mukto Pay designed to provide simple, secure and accessible 
digital payment solutions and broaden access to financial services for underserved communities, said a press release of the company. 

It said Mukto Pay will facilitate money transfers, merchant and e-commerce payments, utility and government bill payments, salary and other disbursements, as well as other approved payment services.

The service will particularly focus on individuals, micro-merchants and small businesses, including those who are unbanked or underserved by formal financial services, enabling them to participate more actively in the country's growing digital economy.

Commenting on it, Chief Executive Officer of Banglalink Johan Buse said Bangladesh's journey towards building a cashless society and becoming a trillion-dollar economy will require greater financial inclusion and a digital ecosystem that enables more people to participate in the country's growth.

"Mukto Pay is an important step in that direction. 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," he said.

Leveraging Banglalink's nationwide connectivity, extensive customer reach and growing digital ecosystem, the service will focus on broadening access to digital financial services for underserved communities.

Banglalink said the license is part of the broader strategic vision of Banglalink and its parent company, VEON, to invest in and expand digital financial services in Bangladesh. 

It also marks another step in Banglalink's transformation from a telecommunications company into a digital operator, extending its presence beyond connectivity into digital and financial services designed to meet people's everyday needs.

Johan Buse said the license strengthens Banglalink's ambition to invest further in digital financial services and contribute to building a more inclusive, cashless and digitally empowered Bangladesh, making a better life for all.

Alongside its expansion into digital payments, VEON is also pursuing opportunities in digital banking and has applied for a Digital Bank license, reports BSS.