VEON, now based in Dubai and listed on Nasdaq, is undergoing a significant transition, evolving from a traditional telecommunications provider into a leader in digital ecosystems.
With a presence in Pakistan, Bangladesh, Kazakhstan, Ukraine, and Uzbekistan—regions that collectively house over 500 million individuals—VEON aims to offer services that extend well beyond basic connectivity.
Under the guidance of CEO Kaan Terzioğlu, the organization plans to derive 50 percent of its revenue from non-telecom digital offerings within the next three years. This transformation will utilize local expertise, language-focused AI, and inclusive platforms to create a meaningful impact.
We had a conversation with Terzioğlu regarding VEON’s digital initiative, the rationale behind relocating to the UAE, and the idea of fostering “digital nations.”
Why did you decide to relocate VEON’s headquarters to Dubai last year
The choice was influenced by Dubai’s operational effectiveness, particularly in the wake of the COVID-19 pandemic. The city’s global connectivity, security, and business-friendly atmosphere made it an ideal location.
By December 2024, the transition was officially concluded, making VEON the largest Nasdaq-listed organization with its headquarters in Dubai. We have successfully attracted global talent who are drawn to the lifestyle and infrastructure the UAE provides.
Operating in some of the world’s most challenging markets begs the question: how do you ensure sustained business growth and stability
We are active in frontier markets that possess considerable potential—Pakistan, Bangladesh, Kazakhstan, Ukraine, and Uzbekistan—each of which faces substantial gaps in financial inclusion, education, and healthcare.
Our approach involves providing tailored local digital services. While we adhere to a unified strategic vision, we empower local teams to implement it. Each operational unit is overseen by its own board and independent directors to ensure effective governance and responsiveness.
Can you elaborate on VEON’s financial and entertainment services, particularly in markets like Pakistan, and their role in promoting financial inclusion and community advancement
In the countries where we operate, over one-third of individuals lack any banking relationship, more than 60 percent do not possess a credit card, and over 70 percent have never had access to credit lines. This presents a significant opportunity for enhancing financial inclusion.
In Pakistan, our JazzCash digital wallet facilitates transactions amounting to more than 10 percent of the country’s GDP, reaching over 20 million users monthly from a total customer base of 50 million.
We provide approximately 141,000 small loans daily, such as loans of $30 to help a taxi driver repair a tire or assist a homemaker in buying flour to sell cookies. These efforts enable community development and promote financial inclusion, and we plan to introduce similar financial services across all our operational territories, following our success in Pakistan and Kazakhstan.
Thus far, we serve 160 million telecom customers, with an additional 40 million utilizing our financial services, and another 40 million enjoying our entertainment offerings.
Tamasha is the leading OTT platform in Pakistan, with 22 million users per month, while we also operate similar platforms like Toffee in Bangladesh and Kino in Uzbekistan.
Our philosophy is straightforward: our countries generate valuable data, and it is crucial to process this data locally to develop digital services, generate employment, and contribute to tax revenues.
We need to shift our approach from selling raw data to providing meaningful digital services: financial services, entertainment, education, and healthcare.
Could you expand on your transformation into a digital ecosystem provider
In Pakistan, through our Jazz subsidiary, we manage JazzCash—the country’s foremost mobile wallet, boasting nearly 20 million active users and over 171,000 merchant partners. This platform efficiently facilitates microloans every day.
We also provide Tamasha, the leading OTT streaming service in Pakistan with over 22 million monthly active users, alongside Garaj, our enterprise cloud and cybersecurity platform.
In Bangladesh, our Banglalink brand has launched Toffee, an advertisement-supported OTT service that attracts millions of users.
In Uzbekistan, Beeline operates the Kino streaming service, while Beeline Kazakhstan provides Beeline TV and educational tools created via our tech firm, QazCode.
In Kazakhstan, QazCode has developed a Kazakh-language large language model (LLM) and an AI-driven tutoring assistant designed to help students learn, self-evaluate, and earn certifications.
VEON is also involved in digital healthcare initiatives. Can you provide further insights
In Ukraine, Kyivstar, our operating branch, manages the Helsi platform, which serves around 28 million users. The platform enables telemedicine services, diagnostics, and medicine delivery, playing a crucial role in maintaining healthcare access, especially during times of crisis.
We view solutions like Helsi as vital to reshape the perception of telecom companies, highlighting their potential to produce tangible benefits that extend beyond traditional voice and data services.
How do digital services impact your revenue structure
Currently, digital services represent approximately 15 percent of our revenue and are increasing at a rate of about 1 percent per quarter.
We aim to achieve 50 percent of our revenue from digital services over the next three years. To facilitate this, we have established three technology development firms—QazCode in Kazakhstan, along with teams in Uzbekistan and Ukraine—allowing us to create applications and platforms internally and at scale.
What is your stance on AI and innovations in local languages
Many global AI platforms often neglect languages such as Kazakh, Uzbek, or Bangla, which is where we intervene.
In Kazakhstan, QazCode developed a Kazakh-language large language model (LLM) and an AI-driven tutoring assistant for students.
Our push for digital sovereignty focuses on local tools that are constructed by locals for local needs.
Are you anticipating expansion into additional markets
Indeed, we are considering two avenues. First, we aim to cater to our diaspora, with millions of Pakistanis and Bangladeshis residing in the GCC, the UK, and beyond—these individuals represent potential future users of our digital finance or healthcare services.
Additionally, we see prospects in markets like Iraq and Syria, where we may explore expansion once regulatory clarity and stability improve.
What values guide VEON’s leadership and what influences your personal philosophy
Every initiative we undertake is based on purpose and clarity. Purpose involves leveraging our platform to enhance lives, whether by empowering an individual with a small loan, facilitating a medical consultation, or aiding students in their learning endeavors.
Clarity entails making decisive choices, particularly in complex scenarios. These guiding principles ensure that our teams remain focused and ethical while executing projects on a large scale.