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License approval de-risks entry into Bangladesh DFS, opening a new growth vector; near-term upside from re-rating of VEON's DFS potential and cross-sell opportunities, though execution and regulatory timelines introduce uncertainty.
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VEON's JV with Square Group secured a Digital Bank license from Bangladesh Bank, advancing its Invest in Bangladesh NOW program. The venture will integrate Banglalink's mobile network with digital financial services, backed by a US$250 million anchor investment and a goal to mobilize up to US$1 billion in foreign direct investment, expanding financial access across Bangladesh.
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