Karachi, September 20, 2023 – HugoBank is humbled to announce its receipt of the In-Principle Approval (IPA) for its Digital Retail Banking (DRB) license from the State Bank of Pakistan (SBP) under its Licensing and Regulatory Framework for Digital Banks. This significant milestone positions HugoBank as a retail bank offering a wide variety of exciting financial services primarily through digital channels transforming the banking experience for millions of Pakistanis.
Ray Simkins, Chairperson of the Board of HugoBank, commented, “Getz Group has been a committed partner to Pakistan for over a century, making resolute investments, particularly in healthcare, to bolster the nation’s socio-economic fabric. This new venture with HugoBank amplifies our unwavering commitment to the betterment of Pakistan by building digital offerings that increase GDP, fostering financial inclusion, and making a tangible difference in the livelihoods of countless individuals.”
Kamran Nishat, MD & CEO at Muller & Phipps Pakistan and Board Member at HugoBank, said, “M&P Pakistan has been a formidable player in the branchless banking landscape for nearly a decade and understands the intricate dynamics of financial accessibility in Pakistan. Our expansive network, which is within a 20-minute reach of 180 million Pakistanis, would help strengthen HugoBank’s mission. This collaboration is a step forward in ensuring every Pakistani has seamless access to modern financial services.”
David Fergusson, CEO of Atlas Consolidated and Board Member at HugoBank, added, “Atlas brings with it a rich heritage of fintech innovation. Our collaboration with HugoBank is as its shareholders and as its technological vanguards with financial services experience in consumer markets. Recognizing the immense potential of emerging markets, particularly Pakistan, we believe that digital banking has the power to uplift and transform lives. Through our combined expertise, we are committed to making this vision a reality.”
Atyab Tahir, CEO of HugoBank said “We extend our deepest gratitude to the SBP, appreciate their trust in HugoBank and their unwavering commitment to promoting digital banking and financial inclusion in Pakistan. This approval is a recognition of HugoBank’s potential and a testament to SBP’s forward-thinking vision for financial services for the nation. We congratulate all DRB aspirants who have been awarded the IPA by the SBP.”
HugoBank is now prioritizing its operational preparedness in accordance with SBP’s guidelines for Digital Banking licensing. Our aim is to first launch a pilot for the general public, followed by a full commercial phase.
About HugoBank:
Established with the goal of revolutionizing digital banking in Pakistan, HugoBank received its NOC from The State Bank of Pakistan in January 2023, marking the beginning of its commitment to drive financial inclusion through experience-driven digital financial services in the nation. The bank is the collaborative endeavor of a Singapore (SG) based consortium consisting of Atlas Consolidated (SG), The Getz Group (SG), and Muller & Phipps Pakistan, a member of the Getz group of Companies. This unique alliance merges international banking and technology expertise with deep understanding of the local market, positioning HugoBank to immediately and significantly impact the financial landscape of Pakistan.
