The operator has already received regulatory go-ahead to operate as a payment service provider
After Grameen Telecom, Banglalink has secured primary approval from Bangladesh Bank to launch a digital wallet service.
The leading telecom operator today received a 'No objection certificate' (NOC) from the central bank to commence operations as a payment service provider (PSP).
Earlier in June this year, another telecom operator, Grameen Telecom, received the final licence from the banking regulator to operate as a PSP.
In a statement, Banglalink said the approval marks a significant milestone in ensuring wider access to digital payments for all.
Generally, Bangladesh Bank issues a one-year NOC, with the company required to meet several regulatory conditions to obtain the final licence.
The proposed digital wallet company must also implement anti-money laundering and counter-terrorism financing policies, ensure customer due diligence, and comply with ICT security standards applicable to scheduled banks in the country.
In addition, it must complete software quality and vulnerability assessments, enforce data backup and retention policies, and develop accurate network architecture and topology as stipulated in the policy.
At launch, Banglalink said customers will be able to access instant money transfers, remittance services, utility and government bill payments, e-commerce and merchant transactions, salary disbursement services, as well as emerging financial solutions such as micro-savings and insurance premium payments.
A core objective of the service is to broaden access to formal financial services, particularly for unbanked and underserved communities, according to the statement.
The platform has been designed with a strong security framework to ensure safe, reliable, and seamless transactions that build long-term customer confidence, it added.
"Powered by a high-capacity technology platform and guided by its DO1440 strategy of empowering customers with relevant digital and financial services every minute of the day, Banglalink is preparing to bring essential financial services directly to customers' fingertips."
The statement added that Banglalink, a company fully owned by Veon, a global digital operator, considers this approval an important step toward expanding digital financial inclusion and strengthening the foundation for a cashless society.
Johan Buse, chief executive officer of Banglalink, said in the statement:
"With Banglalink's nationwide reach and Veon's global capabilities, we are shaping a secure and inclusive digital payment ecosystem for Bangladesh."
This approval reinforces the company's belief that simple, safe, and accessible digital financial services should be available to everyone, he pointed out.
A PSP facilitates electronic payment processes and transaction settlements through scheduled banks or financial institutions.
At present, there are nine PSPs in the country licensed by the central bank, including iPay Systems, D Money Bangladesh, and Recursion FinTech.
Industry insiders said mobile network operator Robi is also keen to enter the digital wallet business, while online marketplaces like Daraz and Chaldal have already applied for PSP licences.
