The collaboration is designed to bring together VEON’s local digital platforms, customer reach, data-driven capabilities and emerging VEON Digital Finance strategy with Mastercard’s global payments network, technology and financial services expertise. Together, the organizations intend to explore the development of a generation of financial services, including AI-powered credit scoring, embedded finance and digital wallets, subject to applicable regulatory requirements. The solutions will also provide merchant services, loyalty and remittances for consumers, small businesses and enterprises across VEON's markets.
Across many countries, millions of people and businesses remain underserved by traditional financial institutions. Limited credit history, cash-heavy economies, fragmented payment infrastructure and distance from formal banking channels continue to restrict access to financial services. VEON and Mastercard intend to help address these barriers by combining trusted local distribution, AI-enabled analytics and secure global payment technologies to create more relevant, affordable and accessible financial products.
According to the GSMA, there are now more than 2 billion registered mobile money accounts globally, demonstrating the growing role of mobile-enabled financial services in expanding access to the digital economy, particularly across emerging markets.
"At VEON, we believe access to financial services is a foundation for a better life. This means a farmer in Kazakhstan, a small business owner in Kyiv or a family in Karachi could benefit from financial tools that were previously out of reach," said Kaan Terzioglu, Chief Executive Officer of VEON Group. "Our local presence and sovereign platforms, combined with Mastercard’s global capabilities, help turn connectivity into greater economic opportunity for the people and communities we serve."
The collaboration is expected to begin with pilots in Ukraine and Kazakhstan with potential expansion across VEON’s other markets. Through Mastercard’s global network, the companies also intend to explore opportunities to reach people in markets where VEON does not yet operate.