Singapore-based HugoHub has deployed its banking platform at Pakistan’s HugoBank, marking its first live implementation for a regulated bank.
HugoBank opened its first pilot customer account on 25 September under a Restricted License from the State Bank of Pakistan (SBP).
The bank was among five applicants selected for Pakistan’s first digital banking cohort. Its pilot will test banking products and operations before a wider commercial launch.
Atlas Consolidated developed HugoHub and leads the consortium behind HugoBank alongside The Getz Group and Muller & Phipps.
HugoHub integrates core banking and payment services
HugoHub’s platform connects core banking, account servicing, payments, card management and savings tools with HugoBank’s customer application.
It also supports administration, customer service and risk monitoring.
HugoHub has adapted the platform to Pakistan’s requirements, incorporating biometric identity verification through NADRA and connectivity with 1LINK and the Raast instant payment system.
Other capabilities include withholding tax, Zakat deductions, local regulatory reporting and multilingual support.
“A bank’s technology choices shape the cost of serving its customers and how easily its products can improve,”
said David Fergusson, Chief Executive Officer of HugoHub.
“We built HugoHub to give institutions a connected foundation they can operate and change.”
HugoBank targets commercial launch in early 2027
During the pilot, HugoBank plans to introduce current and savings accounts, gamified money pots and debit cards.
The bank will submit its pilot results to the SBP and seek approval for commercial operations in early 2027, with plans to introduce retail lending and SME products afterwards.
“The pilot lets us observe real account-opening journeys and test how our products and operating processes work together,”
said Asim Hasan, Chief Executive Officer of HugoBank.
The deployment comes as Pakistan seeks to expand financial inclusion, with World Bank data showing that just over a quarter of adults held a bank or mobile-money account in 2024.
Featured image credit: Edited by Fintech News Singapore, based on image by Md Abdullah2024 via Magnific
