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VEON, which owns Beeline Kazakhstan, plans to launch a digital bank in Kazakhstan by the end of 2027. Economist Almas Chukin believes capital and depositor trust will be the main obstacles. The new bank will have to persuade customers to move their money from banks they already use (digitalbusiness.kz).
What happened
VEON CEO Kaan Terzioglu has said he wants the company to take first or second place in Kazakhstan’s financial services market. To accept deposits, the company will need to expand the scope of its licence.
In September 2026, VEON and Beeline Kazakhstan signed a memorandum with the National Bank. It covers exploring digital payments and ways to connect the group’s services to the national payment infrastructure.
Here’s an important detail: the memorandum itself does not authorise the launch of new financial services. Those will require separate clearances and approvals. So an agreement with the National Bank and permission to accept deposits are separate steps.
What this means for customers
Chukin says several digital banks already operate in Kazakhstan, making it hard for a newcomer to stand out. He suggests VEON may offer another product similar to those already available. In his view, entering the market alone does not guarantee a strong position.
A separate task is turning people who use Beeline’s mobile services into depositors. Chukin stresses that a large subscriber base does not automatically mean people are willing to keep their money in the operator’s bank.
“Persuading people in Kazakhstan to move their money from Kaspi, Halyk or Forte to Beeline is quite a task,” Chukin says.
Why banking depends on trust
Chukin explains the banking model through the relationship between depositors and borrowers. One person leaves money expecting to get it back; another takes out a loan. The bank connects them and manages the risks. That is why, the economist believes, the new entrant will need its own capital and loyal depositors.
VEON is pursuing its banking plans as it expands its business in Kazakhstan. On November 6, the group announced it had completed the purchase of OLX Kazakhstan for $81 million. The company acquired 100% of the platform’s Kazakhstan business, which has a monthly audience of around 9 million users.
The deal adds a major consumer service to VEON’s business. For its banking operation, the next step remains securing the necessary approvals: the stated launch date for the digital bank is the end of 2027.
