VEON Ltd (NASDAQ:VEON) stock is moving higher in the pre-market session after falling 3% yesterday.
Market Reaction
As of 8:02, VEON stock is up by 1.12% to trade at $1.81 with more than 16K shares traded hands. Over the past year, the stock has been moving within a range of $1.20-$1.90.
Major Trigger:
VEON Expands Financial Services Portfolio
Key Highlights:
- announces that its operating company in Kazakhstan, Beeline, has launched the country’s first digital payment card integrated with its mobile financial services offering.
- Marketed under the ‘Simply’ brand, the Beeline Kazakhstan digital payment card is a mobile financial service application linked to a customer’s phone number, an electronic wallet and a premium digital Visa Platinum card. The card is also integrated with digital wallets Apple Pay, Samsung Pay and Garmin Pay.
- “Mobile financial services are a key strategy for the future growth of VEON and one that is highly suited to the markets we serve where financial inclusion remains low,” explains Kaan Terzioglu, CEO of VEON Group. “We have successfully grown financial services and e-commerce businesses off the back of mobile operations in Pakistan, and we are now announcing a similar initiative by Beeline in Kazakhstan.”
- The announcement follows on from VEON’s success in pioneering mobile financial services applications in other operating markets including JazzCash in Pakistan that has surpassed 14 million users.
Key Quote from
Evgeny Nastradin, Chief Executive Officer of Beeline Kazakhstan, comments: “We continue to invest in our 4G high-speed data networks, which currently covers 77% of the population. Promoting digital adoption in the country is a key focus and one in two Beeline customers are using our 4G services and the numbers are growing. Today, Beeline Kazakhstan is entering a new field, marking a new era of mobile financial services in Kazakhstan where currently 40% of the country’s population is unbanked. We are presenting a next generation product, which we believe is unique in the market and designed to boost financial inclusion. It is the first mobile digital bank in the Republic of Kazakhstan and is an example of our pioneering approach in making the best product offers and customer experience available on customer smartphones. We are constantly studying the customer experience in order to offer market innovative solutions at the intersection of industries.”
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