Paving the way for next generation digital banking and financial freedom
\nKarachi
\nHugoBank 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.
\nRay Simkins, Chairperson of the Board of HugoBank, commented, \u201cGetz Group has been a committed partner to Pakistan for over a century, making resolute investments, particularly in healthcare, to bolster the nation\u2019s 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.\u201d
\nKamran Nishat, MD & CEO at Muller & Phipps Pakistan and Board Member at HugoBank, said, \u201cM&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\u2019s mission. This collaboration is a step forward in ensuring every Pakistani has seamless access to modern financial services.\u201d
\nDavid Fergusson, CEO of Atlas Consolidated and Board Member at HugoBank, added, \u201cAtlas 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.\u201d
\nAtyab Tahir, CEO of HugoBank said \u201cWe 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\u2019s potential and a testament to SBP\u2019s forward-thinking vision for financial services for the nation. We congratulate all DRB aspirants who have been awarded the IPA by the SBP.\u201d
\nHugoBank is now prioritizing its operational preparedness in accordance with SBP\u2019s guidelines for Digital Banking licensing. Our aim is to first launch a pilot for the general public, followed by a full commercial phase.<\/p>\n","protected":false},"excerpt":{"rendered":"
Paving the way for next generation digital banking and financial freedom Karachi 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 […]<\/p>\n","protected":false},"author":2,"featured_media":357336,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-357311","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n