Veon plans Kazakhstan digital bank launch by end of 2027

Veon plans to launch a digital bank in Kazakhstan by the end of 2027, targeting one of the country’s two leading financial-services positions. CEO Kaan Terzioglu said in a Bloomberg interview: “I would like to take the first or second place in financial services.” He set no deadline, and Veon must broaden its license before taking deposits.

What has Veon bought to support the plan?

On November 6, Veon announced that it had completed the purchase of 100% of OLX Global B.V.’s Kazakhstan classifieds unit for $81 million, including closing adjustments. The platform has about 9 million monthly active users. Veon agreed the transaction in October 2025 and plans to use OLX to build a broader digital ecosystem.

Terzioglu said: “I think we can bring substantial benefit to this highly competitive market. OLX significantly expands our capabilities.” The statement links OLX to the banking ambition, but does not quantify how many platform users might become bank customers.

How does Ukraine fit the plan?

Veon points to its Ukrainian ecosystem as the working example. Services there include taxi ordering and medicine search, showing how a telecom group can add everyday digital tools. The Kazakhstan announcement does not identify which banking products Veon will offer or whether OLX will host them directly.

How important is Kazakhstan to Veon?

Veon operates in Kazakhstan under the Beeline brand. The country ranks third for the group by revenue and contributes about 18% of total income, according to its latest reporting. Pakistan and Ukraine together supply about 66%.

Veon would enter a market where the largest banks already combine financial products with services for routine tasks. More than 16 million people use the Kaspi.kz app each month in a country of around 21 million, Bloomberg reported. That scale shows how established local digital platforms already are.

What does the central bank agreement cover?

In September, Veon signed a five-year memorandum with the National Bank of Kazakhstan. The parties plan to study digital payments and their integration into the national payment infrastructure. As presented, the memorandum covers cooperation and technical study; it does not announce an approved banking license or a detailed product schedule.

What is Veon buying elsewhere?

Digital expansion also continues outside Kazakhstan. Kyivstar, Veon’s Ukrainian subsidiary, announced plans to acquire cloud infrastructure supplier GigaCloud for up to $50 million. The proposed purchase extends the group’s digital strategy, although the announcement gives no closing date or terms beyond the price ceiling.

Who controls Beeline Kazakhstan?

Beeline Kazakhstan operates through Kar-Tel LLP. Veon holds the controlling stake, and Veon’s own shares trade on Nasdaq. Forbes Kazakhstan reported that another 25% of Kar-Tel belongs to Bulat Utemuratov through Verney Capital.

Utemuratov, one of Kazakhstan’s largest businessmen, is also ForteBank’s majority shareholder. Forbes values his fortune at $5.4 billion and places him third among the country’s richest people. This gives him a financial stake in both the telecom and banking sectors, but the announcement does not address any role in Veon’s plans.

The sequence is clear: Veon has bought local reach, signed a payments memorandum and set a 2027 launch target. It has not disclosed the investment, products or customer-conversion assumptions behind the plan, leaving the top-two ambition as a stated goal rather than a measurable forecast.