Veon to focus on acquiring assets, know-how outside of telecoms
MOSCOW. Sept 3 (Interfax) - Telecommunications group Veon's updated strategy will focus on three areas: Future Assets, New Services and Connectivity, the company said in a press release.
The focus on acquiring assets and developing know-how is new for the telecom company. Veon is already developing the other two areas. Mobile and fixed communications are the company's core business, and a focus on digitization was announced in 2018.
Veon said the Future Assets part of the strategy will seek "to identify, acquire and develop 'know-how and technologies that open up adjacent growth opportunities." At the end of July, Veon announced the creation of a new division, Veon Ventures, that will develop digital products outside of the traditional telecom sector.
The New Services part of the strategy will focus on digital technologies with the active involvement of big data and artificial intelligence, Veon said.
Veon's previous strategy for 2019 called for developing four areas: connectivity, investment in digital technologies, management and development of portfolio companies, and increasing profitability.
Veon appointed a new chief strategy officer, Alex Kazbegi, in February 2019 whose objectives include identifying new points of growth and development for the company's business that will increase its shareholder value.
Kazbegi said that stepping up investment in digital financial services in Pakistan, where Veon owns mobile provider Warid, "is an exciting first step in Future Assets."