VEON and Mastercard team up to support digital and financial inclusion

By Megha Bhattacharya

Amsterdam-headquartered VEON today announced a partnership with Mastercard to boost digital financial services in the markets of Russia, Pakistan, Ukraine, Kazakhstan and Bangladesh. The collaboration is expected to strengthen VEON’s services with customised products, aiming to bolster the financial and digital inclusion of traditionally underserved consumers in each geography.

VEON’s co-Chief Executive Officer Sergi Herrero commented, “Expanding digital financial services is a key growth priority for VEON as we look to meet the evolving needs of our consumers. Our partnership with Mastercard provides our operating companies in five countries with world-class capabilities to fast-track their plans for developing digital financial services and demonstrates the trust Mastercard has in VEON’s ability to encourage greater financial inclusion through these transformative platforms.”

According to Mastercard, the collaboration is an expansion of the relationship between the two companies that began in May 2020 when Mastercard partnered with Mobilink Microfinance Bank Limited, VEON’s financial services provider in Pakistan.

Recently, UK-based payment processing platform Paymentology announced that it has been selected by Mastercard to join its FinTech Express programme and its Engage Programme. The companies will be teaming up for boosting banking technology innovations in Europe and globally. Mastercard FinTech Express Programme is a part of the company’s Accelerate- its FinTech platform.

Jorn Lambert, Chief Digital Officer, Mastercard said, “As digital transformation accelerates, there is also an opportunity to expedite its many benefits, including the way it effectively addresses consumer needs and experiences. Mastercard strongly believes in the power of partnership and we look forward to working closely with VEON to expand financial inclusion and greater access to the digital economy.”