KARACHI: Significant progress has been made toward establishing Pakistan’s first digital retail bank, with regulatory approval granted to increase HugoBank’s paid-up capital by PKR 1.5 billion. This fresh equity injection paves the way for the institution’s full-scale commercial launch, backed by an in-principle approval from the State Bank of Pakistan (SBP). The Securities and Exchange Commission of Pakistan (SECP) noted that a consortium of Pakistani and Singaporean investors is spearheading the initiative, with sponsors committing an overarching investment of USD 60 million. Operating on a branchless model, HugoBank will deliver rapid, cost-effective digital financial services via mobile and online platforms, ultimately designed to enhance market competition and financial inclusion across Pakistan.
