SBP Approves HugoBank for Pilot Operations

KARACHI: The State Bank of Pakistan (SBP) has approved digital retail bank HugoBank to commence its pilot operations.

According to Business Recorder, the approval will allow HugoBank to begin testing its banking products, technology platform and operational systems on a limited scale.

The pilot phase is aimed at evaluating the bank’s systems, security arrangements, customer experience and compliance with regulatory requirements before the launch of its full-scale banking services.

HugoBank received in-principle approval from the SBP in 2023 to operate as a digital retail bank. The development is part of the central bank’s efforts to expand digital banking services and promote financial inclusion in Pakistan.

During the pilot phase, the bank will use customer feedback and operational experience to further improve its products and services before moving towards full commercial operations.

HugoBank aims to use digital technology to provide customers with convenient, fast and secure banking services while expanding access to financial services across Pakistan.