Veon (VEON) said Tuesday its Veon Digital Financial and Beeline Kazakhstan units have signed a memorandum of cooperation with the central bank of Kazakhstan to explore the development of digital payment services in the country.

The agreement with the National Bank of Kazakhstan establishes an initial five-year framework for cooperation, including exploring how Veon's digital services could connect with the country's national payment and digital financial infrastructure.

Potential areas of cooperation include payment and money transfer processing, as well as settlement between financial market participants, using infrastructure of the National Payment Corporation, Veon said.

Beeline Kazakhstan also plans to pursue first-category payment organization status, Veon said.

Financial terms of the cooperation agreement were not disclosed.