Key Points
- Group plans another $1bn investment over three years
- JazzWorld targets 2,500 live 5G sites by year-end
- SECP seeks wider digital access to financial products
ISLAMABAD: VEON and its subsidiary JazzWorld have pledged to invest a further $1 billion in Pakistan over the next three years, as the global digital operator expands 5G connectivity and broadens its digital services beyond telecom.
The commitment was reaffirmed during meetings between VEON and JazzWorld senior executives and officials of the Securities and Exchange Commission of Pakistan (SECP) and Pakistan Telecommunication Authority (PTA), according to statements issued on Tuesday.
VEON Group CEO Kaan Terzioğlu and JazzWorld CEO Aamir Ibrahim said the group had invested approximately $11 billion in Pakistan over the past three decades and remained committed to the country as a strategic growth market.
At the SECP meeting, Chairman Dr Kabir Ahmed Sidhu called for greater digitalisation of capital markets, real estate investment trusts (REITs) and insurance to expand access to regulated financial products.
The discussions focused on using digital platforms to increase retail participation in formal financial markets and improve access to investment, savings, insurance and other financial services.
READ ALSO: Pakistan Accelerates 5G Drive with $1 Billion VEON Investment
Dr Kabir also stressed the importance of digital outreach, financial literacy and investor education to ensure wider adoption of formal financial products.
VEON CEO meets PTA Chairman
Separately, the VEON and JazzWorld delegation met PTA Chairman Major General (R) Hafeez Ur Rehman to discuss telecom investment, 5G expansion, service quality and the regulatory environment.
JazzWorld has crossed 1,000 live 5G sites and plans to exceed 2,500 sites by the end of 2026 following the recent spectrum award and 5G licensing process.
JazzWorld has more than 71 million subscribers and over 43.9 million 4G users nationwide. Its digital ecosystem has also expanded into financial services, banking, insurance, technology and other digital solutions.
The engagements highlighted the potential for Pakistan’s expanding digital infrastructure to support greater financial inclusion and participation in formal investment and savings channels.
