Pakistani challenger HugoBank receives preliminary approval for its Digital Retail Banking (DRB) license from the State Bank of Pakistan (SBP) and plans to offer digital financial services for increased financial inclusion.
Facts
- HugoBank, headquartered in Karachi, is granted in-principle approval for its DRB license by the SBP.
- The bank will focus on providing quick account opening, payments, fund transfers, bill payments, and credit products.
- A collaborative effort involving Atlas Consolidated, The Getz Group, and Muller & Phipps Pakistan, HugoBank initially received a No Objection Certificate (NOC) from SBP in January and appointed a new CEO in March.
- Following the preliminary approval, HugoBank will concentrate on operational readiness in compliance with SBP’s digital banking licensing guidelines.
- The bank plans to launch a pilot program for the general public before a full commercial phase.
- HugoBank’s mission is to enhance Pakistan’s GDP, promote financial inclusion, and positively impact the lives of many individuals, according to Ray Simkins, the chairperson of its board.
