ISLAMABAD: The State Bank of Pakistan has granted pilot operations approval to Karachi-based digital retail bank HugoBank, allowing it to begin limited real-world testing before its full public launch.
According to a statement issued on Wednesday, HugoBank will test its products, banking systems and operational readiness with a selected group of customers during the pilot phase.
Moreover, the testing aims to ensure the bank meets high standards for security, regulatory compliance and customer experience before offering services to the general public.
HugoBank received in-principle approval from the State Bank in 2023 after the central bank introduced a licensing and regulatory framework for digital banks in 2022.
Chief Executive Officer Asim Hassan said the bank believes financial freedom begins with simplicity and convenience. He added that HugoBank remains committed to expanding secure digital financial services for customers across Pakistan.
Meanwhile, the bank said customer feedback and operational experience gathered during the controlled pilot phase will help improve its products and services before the nationwide rollout.
Furthermore, HugoBank reaffirmed its commitment to supporting financial freedom and promoting financial well-being through a modern digital banking platform.
The bank said its services are designed to meet the evolving needs of Pakistan’s rapidly growing digital economy while providing customers with secure and convenient banking solutions accessible anytime and from anywhere.
