VEON, a company listed on Nasdaq, is undergoing a significant transformation from a conventional telecommunications provider to a dominant digital ecosystem entity, all from its newly established headquarters in Dubai.
With a presence in Pakistan, Bangladesh, Kazakhstan, Ukraine, and Uzbekistan—countries that collectively accommodate over 500 million individuals—VEON is offering an array of services that extend well beyond mere connectivity.
Under the direction of CEO Kaan Terzioğlu, the company aims for half of its revenue to derive from non-telecom digital services within the next three years. This ambitious plan will harness local talent, utilize language-first AI, and promote inclusive platforms to generate a meaningful impact.
We had the opportunity to speak with Terzioğlu regarding VEON’s digital initiatives, its relocation to the UAE, and the concept of fostering “digital nations.”
What prompted the relocation of VEON’s headquarters to Dubai last year
The decision was influenced by Dubai’s operational efficiency, particularly in the context of the post-pandemic recovery. The city’s global connectivity, safety, and its business-friendly atmosphere made it the ideal choice.
By December 2024, the move was officially completed, making VEON the largest company listed on Nasdaq with its base in Dubai. We have successfully attracted global talent due to the appealing lifestyle and infrastructure of the UAE.
VEON operates in some of the world’s most intricate markets. How do you guarantee business continuity and growth
We are active in frontier markets that hold significant promise: Pakistan, Bangladesh, Kazakhstan, Ukraine, and Uzbekistan. These regions often lack adequate services in important sectors like financial inclusion, education, and healthcare.
Our approach is to provide relevant and localized digital solutions. While we maintain a cohesive strategic vision, we empower local execution; each of our operational units is managed by its own board and independent directors to ensure proper governance and responsiveness.
Could you elaborate on VEON’s financial and entertainment services, particularly in Pakistan, and their roles in promoting financial inclusion and community advancements
In our operational territories, over one-third of the population has never interacted with a bank, more than 60 percent lack credit cards, and upwards of 70 percent have never accessed credit. This represents a substantial opportunity for enhancing financial inclusion.
In Pakistan, our JazzCash digital wallet processes over 10 percent of the country’s GDP transactions, reaching more than 20 million people monthly from a total customer base of 50 million.
We issue an average of 141,000 loans daily. These are typically small loans, such as $30 for a taxi driver needing tire repairs or a housewife buying flour to bake cookies for resale. Such initiatives help communities develop and gain financial access. We plan to roll out financial services in all our regions, building on our success in Pakistan and Kazakhstan.
We serve 160 million telecom customers, with 40 million engaged in financial services and an additional 40 million using our entertainment offerings.
Tamasha, our leading OTT platform in Pakistan, boasts 22 million monthly users, while similar platforms like Toffee in Bangladesh and Kino in Uzbekistan also thrive.
Our belief is straightforward: our regions generate valuable data, and it is crucial to process that data locally to create digital services, jobs, and tax revenues.
We must shift from selling raw data to providing relevant digital solutions across financial services, entertainment, education, and healthcare.
Can you provide more details regarding your evolution into a digital ecosystem operator
In Pakistan, via our Jazz subsidiary, we operate JazzCash, the leading mobile wallet with nearly 20 million active users and 171,000 merchant partners. It processes microloans on a daily basis.
Additionally, we offer Tamasha, the foremost OTT streaming platform in Pakistan with over 22 million active users monthly, alongside Garaj, our enterprise cloud and cybersecurity solution.
In Bangladesh, our Banglalink brand has launched Toffee, an ad-supported OTT service accumulating millions of users.
In Uzbekistan, Beeline Uzbekistan operates the Kino streaming service, while Beeline Kazakhstan provides Beeline TV and educational resources developed by our in-house tech team, QazCode.
In Kazakhstan, QazCode has created a Kazakh-language large language model (LLM) and an AI-driven tutoring assistant to aid students in learning, self-assessment, and certification acquisition.
VEON is also engaged in digital healthcare. Could you elaborate on that aspect
In Ukraine, our subsidiary Kyivstar manages the Helsi platform, which services approximately 28 million users. It offers telehealth, diagnostics, and medication delivery, proving essential for maintaining healthcare access, especially during crises.
We view platforms like Helsi as pivotal in transforming the telecommunications landscape by delivering tangible benefits beyond just data and voice communication.
How do your digital services influence your revenue portfolio
Currently, around 15 percent of our revenue originates from digital services, with a steady growth rate of about 1 percent per quarter.
We aspire to achieve a 50 percent share of digital revenue within the next three years. We’ve established three tech development firms—QazCode in Kazakhstan, along with teams in Uzbekistan and Ukraine—that enable us to develop apps and platforms internally and on a large scale.
What is your strategy regarding AI and innovations in local languages
Global AI platforms often neglect languages such as Kazakh, Uzbek, and Bangla, and that’s where we fill the gap.
In Kazakhstan, QazCode has formulated a Kazakh-language large language model (LLM) and an AI tutoring assistant that aids school students in learning and self-assessment while also facilitating certification.
We advocate for digital sovereignty—creating tools developed by locals and intended for local use.
Are you considering expansion into additional markets
Absolutely, in two main aspects. First, we aim to cater to our diaspora. Millions of Pakistanis and Bangladeshis reside in the GCC, the UK, and other regions—potentially future users of our digital finance or healthcare services.
Moreover, we perceive opportunities in markets like Iraq and Syria and will contemplate expansion when the regulatory environment and stability improve.
What leadership values guide VEON and your personal philosophy
Our operations are fundamentally based on purpose and clarity. Purpose involves leveraging our platform to enhance lives—whether through small loans, medical consultations, or educational support.
Clarity pertains to making decisive choices in complex situations. Together, these values ensure that our teams remain focused and operate ethically while scaling our impact.