HugoBank is now focused on ensuring operational readiness in compliance with SBP’s guidelines for Digital Banking licensing.
HugoBank, a trailblazing financial institution, has achieved a major milestone by securing the In-Principle Approval (IPA) for its Digital Retail Banking (DRB) license from the State Bank of Pakistan (SBP) under the Licensing and Regulatory Framework for Digital Banks.
This approval positions HugoBank as a key player in the retail banking sector, set to revolutionize financial services primarily through digital channels, significantly transforming the banking experience for millions of Pakistanis.
Ray Simkins, Chairperson of the Board of HugoBank, expressed, “Getz Group has been a dedicated partner to Pakistan for over a century, investing significantly in sectors like healthcare to strengthen the nation’s socio-economic framework. This new venture with HugoBank amplifies our unwavering commitment to Pakistan’s progress by developing digital solutions that enhance GDP, promote financial inclusivity, and directly impact countless lives.”
Kamran Nishat, MD & CEO at Muller & Phipps Pakistan and Board Member at HugoBank, stated, “M&P Pakistan has been a significant player in the branchless banking landscape for nearly a decade, and we deeply understand the complex dynamics of financial accessibility in Pakistan. Our extensive network, within a 20-minute reach of 180 million Pakistanis, will play a pivotal role in reinforcing HugoBank’s mission. This collaboration is a significant step towards ensuring seamless access to modern financial services for every Pakistani.”
David Fergusson, CEO of Atlas Consolidated and Board Member at HugoBank, added, “Atlas brings a legacy of fintech innovation. Our partnership with HugoBank, both as shareholders and as technological frontrunners with extensive financial services experience, is fueled by a shared belief in the transformative power of digital banking, particularly in emerging markets like Pakistan. Through our combined expertise, we are committed to turning this vision into reality.”
Atyab Tahir, CEO of HugoBank, stated, “We extend our deepest gratitude to the SBP, appreciating their trust in HugoBank and their steadfast dedication to advancing digital banking and financial inclusion in Pakistan. This approval recognizes HugoBank’s potential and is a testament to SBP’s forward-thinking vision for financial services. We congratulate all DRB aspirants who have received the IPA from the SBP.”
HugoBank is now focused on ensuring operational readiness in compliance with SBP’s guidelines for Digital Banking licensing. The bank’s immediate goal is to initiate a pilot program for the general public, followed by a full-scale commercial launch.
Launched with the vision of revolutionizing digital banking in Pakistan, HugoBank received its No Objection Certificate (NOC) from The State Bank of Pakistan in January 2023, marking the commencement of its commitment to drive financial inclusion through user-centric digital financial services in the nation.
The bank is the collaborative effort of a Singapore-based consortium comprising Atlas Consolidated (SG), The Getz Group (SG), and Muller & Phipps Pakistan, a member of the Getz group of Companies. This distinctive alliance combines international banking and technology proficiency with a profound understanding of the local market, positioning HugoBank to promptly and significantly impact the financial landscape of Pakistan.