Veon’s Jazz adds to its fintech factory

• Pakistani operator Jazz has been developing a portfolio of digital financial services
• Now it has acquired an insurance firm
• The acquisition ties in with the broader digital service provider (DSP) strategy of Jazz’s parent company, Veon

Pakistan operator Jazz, which is now badging itself as JazzWorld to reflect its growing range of digital as well as connectivity services, has bolstered its fintech portfolio with the acquisition of a controlling stake in publicly listed TPL Insurance for 4.15bn Pakistan rupee ($14.8 million).

The Veon-owned operator, which is the mobile market leader with about 74.2 million mobile customers (36.6% market share) and which has just secured 5G licences in Pakistan’s latest spectrum auction, already boasts a range of banking and other financial services, including JazzCash, in its expanding digital portfolio, as Jazz CEO Aamir Ibrahim explained to TelecomTV during this exclusive MWC26 video interview. 

Now it is adding insurance into the mix by taking control of TPL Insurance, which is a digital-first provider of insurance services in Pakistan (population 257 million) that had 277,000 policies issued at the end of 2025. Veon described the acquisition as a “milestone for Veon’s growing digital financial services portfolio in one of its most dynamic growth markets”. 

Commenting on the deal, Ibrahim noted: “The acquisition of TPL Insurance marks an important step in our mission to build a comprehensive digital services ecosystem that expands financial inclusion in Pakistan. By integrating insurance into our broader digital financial services portfolio, including JazzCash, Mobilink Bank and FikrFree, we are creating new ways for millions of Pakistanis to access financial protection, not just payments. Pakistan remains significantly under-insured, and digital platforms provide a powerful opportunity to close this protection gap. Together with TPL Insurance, we look forward to scaling modern, technology-driven insurance solutions that are accessible, affordable and designed for the needs of Pakistan’s growing digital population.” 

The move ties in with Veon’s digital services strategy as described by the international operator’s chief digital operations officer, Lasha Tabidze, in this interview conducted last year. 

News of the deal also coincided with Veon’s announcement that it has teamed up with the GSMA’s Mobile for Development Foundation (GSMA Foundation) to co-fund digital innovation projects in Pakistan and Bangladesh that are supported by the GSMA Innovation Fund.

Under the terms of a memorandum of understanding (MoU) signed at the recent MWC26 event, JazzWorld and Banglalink (another Veon service provider subsidiary) will collaborate with the GSMA Innovation Fund to “co-fund the Pakistani and Bangladeshi start-ups selected as grantees in the GSMA Innovation Fund’s 2026 funding rounds. In addition to financial support, Veon and its operating companies may also provide in-kind contributions, including ecosystem visibility and capacity building support to help selected projects scale,” noted Veon.

John Giusti, The GSMA’s chief regulatory officer and president of the GSMA Foundation, stated: “Jazz and Banglalink, both part of Veon Group, play a leading role in shaping the digital landscape in Pakistan and Bangladesh. Collaborating with them will further enhance the support of the GSMA Innovation Fund for entrepreneurs driving positive social impact in these two countries”. 

- Ray Le Maistre, Editorial Director, TelecomTV