Mobile Finance

Veon’s Beeline Kazakhstan to cooperate with central bank on digital payments

Veon’s Beeline Kazakhstan to cooperate with central bank on digital payments

Veon Digital Financial Group and Veon-owned Beeline Kazakhstan announced on Tuesday they have signed a Memorandum of Cooperation with the National Bank of Kazakhstan to explore the development of digital payment services in the country.

The memorandum establishes an initial five-year framework under which the companies will explore how Veon’s digital services can connect with Kazakhstan’s national payment and digital financial infrastructure.

Areas of potential cooperation include payment and money transfer processing, as well as settlement between financial market participants, using selected services and infrastructure offered by the National Payment Corporation, with the goal of making payments and money transfers more convenient and accessible within everyday digital services.

The agreement doesn’t authorise Beeline Kazakhstan to offer new financial services just yet. The telco said it intends to pursue first-category payment organization status to support the expansion of its payment services, subject to applicable regulatory framework and all required approvals.

“Working within this framework, we aim to explore services that fit naturally into our customers’ daily lives, drawing on the country’s national payments infrastructure and VEON’s financial services experience,” said Beeline Kazakhstan CEO Jabbor Kayumov in a statement.

The initiative also supports Veon’s DO1440 strategy to expand its role in customers’ daily lives through digital services alongside connectivity, which includes developing financial services across its markets, said Ahmet Kayhan, Veon’s chief payments and digital assets officer.

“Our ambition through Veon DFG is to build on the financial services capabilities across our markets and develop businesses that can serve more customers at greater scale,” he said. “This memorandum provides a framework to explore how we can combine those capabilities with Kazakhstan’s national payments infrastructure, supporting our DO1440 strategy and long-term growth in digital financial services.”



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