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From its new headquarters in Dubai, Nasdaq-listed VEON is steering a bold transformation: from a traditional telecom operator to a digital ecosystem powerhouse.
With operations across Pakistan, Bangladesh, Kazakhstan, Ukraine, and Uzbekistan — markets home to more than 500 million people — VEON is delivering services that go far beyond connectivity.
Under CEO Kaan Terzioğlu’s leadership, the company is targeting 50 per cent of its revenue to come from non-telecom digital services within the next three years, leveraging local talent, language-first AI, and inclusive platforms to drive impact.
We spoke with Terzioğlu about VEON’s digital strategy, its move to the UAE, and the vision behind creating “digital nations”.
You moved VEON’s headquarters to Dubai last year. What was the rationale?
The move was driven by Dubai’s operational excellence, especially during the post-COVID recovery. Its global connectivity, safety, and pro-business environment made it the right fit.
By December 2024, we had officially completed the relocation. Today, VEON is the largest Nasdaq-listed company headquartered in Dubai, and we’ve successfully recruited global talent attracted to the UAE’s lifestyle and infrastructure.
VEON operates in some of the world’s most complex markets. How do you ensure business continuity and growth?
We operate in frontier markets with significant potential: Pakistan, Bangladesh, Kazakhstan, Ukraine, and Uzbekistan. These regions are underserved in areas like financial inclusion, education, and healthcare.
Our strategy is to deliver relevant, localised digital services. We maintain a unified strategic vision but empower local execution — each operating company has its own board and independent directors to ensure governance and responsiveness.
Give us more details about VEON’s financial and entertainment services, especially in markets like Pakistan, and how these contribute to financial inclusion and community progress?
In our operating countries, more than one in three people has never had a bank relationship, over 60 per cent don’t have a credit card, and over 70 per cent haven’t had a line of credit. This creates a huge opportunity for financial inclusion.
In Pakistan, our JazzCash digital wallet handles over 10 per cent of the country’s GDP transactions, reaching over 20 million people monthly from a customer base of 50 million.
We issue 141,000 loans daily. These are small loans, like $30 for a taxi driver to fix a tire or a housewife to buy flour to sell cookies. These enable communities to progress and be financially included. We will deploy financial services in all our countries, with success in Pakistan and Kazakhstan.
We have 160 million telecom customers, 40 million monthly financial services customers, and an additional 40 million consuming entertainment services.
Tamasha is Pakistan’s number one OTT platform with 22 million monthly users, and we have similar platforms like Toffee in Bangladesh and Kino in Uzbekistan.
Our philosophy is simple: our countries are data-producing, and it’s vital to process this data locally to create digital services, jobs, and taxes.
We must stop selling raw data and instead provide relevant digital services: financial services, entertainment, education, and healthcare.
Can you elaborate on your transformation into a digital ecosystem operator?
In Pakistan, through our subsidiary Jazz, we operate JazzCash, the country’s leading mobile wallet with nearly 20 million active users and over 171,000 merchant partners. It processes micro loans daily.
We also offer Tamasha, Pakistan’s leading OTT streaming platform with over 22 million monthly active users, and Garaj, our enterprise cloud and cybersecurity platform.
In Bangladesh, our brand Banglalink has launched Toffee, an ad-supported OTT platform with millions of users.
In Uzbekistan, Beeline Uzbekistan runs the Kino streaming service, while Beeline Kazakhstan offers Beeline TV and educational tools built with our in-house tech company CasCode.
VEON is also active in digital healthcare. Tell us more about that.
In Ukraine, our operating company Kyivstar runs the Helsi platform, which reaches around 28 million users. It offers telemedicine, diagnostics, and medicine delivery. Especially during wartime, it has been critical in maintaining access to healthcare.
We see platforms like Helsi as essential in redefining what a telecom company can be, delivering real-world impact beyond data and voice.
How do digital services reflect on your revenue mix?
Digital services account for around 15 per cent of our revenue today and are growing by about 1 per cent per quarter.
Our goal is to reach 50 per cent digital revenue within the next three years. We’ve built three technology development companies — CasCode in Kazakhstan, plus teams in Uzbekistan and Ukraine, which allow us to create apps and platforms in-house and at scale.
What’s your approach to AI and local-language innovation?
Global AI platforms often overlook languages like Kazakh, Uzbek, or Bangla. That’s where we step in.
In Kazakhstan, CasCode developed a Kazakh-language large language model (LLM) and an AI-powered tutoring assistant that helps school students learn, self-assess, and even earn certifications.
We’re pushing for digital sovereignty — tools built by locals, for locals.
Are you eyeing expansion into new markets?
Yes, in two ways. First, we want to serve our diaspora. Millions of Pakistanis and Bangladeshis live in the GCC, the UK, and beyond — these are future users of our digital finance or healthcare services.
Second, we see potential in markets like Iraq and Syria, where we would consider expansion when regulatory clarity and stability improve.
What are the leadership values that drive VEON and your personal philosophy?
Everything we do is rooted in purpose and clarity. Purpose means using our platform to improve lives, be it enabling a small loan, delivering a medical consultation, or helping students learn.
Clarity means being decisive, especially in complex environments. Combined, these principles ensure our teams stay focused and ethical while delivering at scale.
