VEON, the Nasdaq-listed telecom and digital services operator run from Dubai, is positioning itself as a long-term “frontier markets” growth platform, according to CEO Kaan Terzioglu. The company operates across fast-growing, underserved markets including Bangladesh, Kazakhstan, Pakistan, Ukraine, and Uzbekistan, serving roughly 200 million customers where monthly revenue per user can be under $3.
VEON projects annual revenue of about $4.4 billion, with around 80% still coming from core telecom services and roughly 20% from digital businesses such as banking, entertainment, ride-hailing, and other consumer and enterprise platforms. Terzioglu said that digital services are scaling quickly and could become a much larger share of the company’s mix, supporting his ambition to evolve into a broader services company that happens to hold telecom licenses.
Pakistan is highlighted as a key example of the strategy. Through a local payments platform, VEON processes transaction volumes equivalent to around 13% of the country’s GDP, making it a significant player in digital payments as well as adjacent services like entertainment and enterprise solutions.
The company is also exploring stablecoin-based rails and a Dubai-based fintech holding structure to lower remittance costs for workers in the Gulf who send money back to Pakistan and Bangladesh. Terzioglu pointed to monthly remittance flows of about $7 billion and said fees can reach as high as 11%, framing new technology as a way to reduce friction and cost.
Ukraine remains VEON’s most operationally challenging market due to wartime disruption, including power cuts and physical hazards that impact network uptime. Terzioglu said the company has leaned on Starlink for direct-to-cell connectivity when towers are down, with messaging available initially and broader services expected to expand.
Terzioglu also described VEON’s shift from Amsterdam to Dubai as both practical and strategic: improved travel access, easier convening for teams across markets, and a base he credited for logistics, safety, talent access, and a business-friendly operating environment. VEON now has a core team permanently in Dubai, with additional staff rotating through for meetings and coordination.
