- In 2023, HugoBank Limited received in-principle approval (IPA) from the SBP.
The State Bank of Pakistan (SBP) has granted pilot operations approval to HugoBank, a Karachi-based digital retail bank.
Under this pilot approval, HugoBank will be able to test its products, banking systems, and operational readiness with a limited number of customers in a real-world environment, read a statement released on Wednesday.
The purpose of this phase is to ensure that security measures, regulatory compliance, and customer experience meet the highest standards before the bank’s full public launch, added the statement.
Back in 2023, HugoBank Limited received in-principle approval (IPA) from the SBP to operate as one of five new digital retail banks. This approval came after the SBP introduced a licensing and regulatory framework for digital banks in 2022.
“We believe that true financial freedom begins with simplicity and convenience,” said Asim Hassan, HugoBank CEO.
“We are pleased to demonstrate our commitment to expanding access to secure digital financial services for customers across the country, anytime and anywhere.”
According to HugoBank, during this controlled pilot phase, customer feedback and operational experience will be used to further refine and improve its products and services.
The bank also reaffirmed its commitment to supporting financial freedom and financial well-being by providing a modern banking platform that meets the needs of Pakistan’s rapidly growing digital economy.
