Pakistan’s digital banking sector has taken another step towards expanding technology-driven financial services as HugoBank has launched its first pilot customer account using Singapore-based HugoHub’s banking platform. The deployment marks HugoHub’s first live implementation at a regulated bank and comes as HugoBank begins testing its digital banking products and operational systems under the supervision of the State Bank of Pakistan (SBP). The bank opened its first pilot account on September 25, operating under a restricted license issued by the central bank. The initiative is part of Pakistan’s first digital banking cohort, which included five applicants selected to test new banking models before entering full commercial operations.
HugoHub was developed by Atlas Consolidated, which also leads the consortium behind HugoBank alongside The Getz Group and Muller & Phipps. The platform has been designed to provide financial institutions with an integrated technology foundation covering core banking operations, customer account management, payment services, card management and savings products. Its deployment at HugoBank connects these functions with the bank’s customer application, allowing users to access banking services through a digital interface while supporting the operational systems required to manage accounts and transactions. The platform also includes administrative tools, customer service functions and risk monitoring capabilities, enabling the bank to oversee its services and internal processes through a connected system.
The technology has been adapted to Pakistan’s regulatory and financial infrastructure requirements, incorporating local identity verification, payment connectivity and tax-related functions. HugoHub supports biometric identity verification through the National Database and Registration Authority (NADRA), allowing the bank to incorporate established national identity systems into its customer onboarding process. The platform also connects with 1LINK and Raast, Pakistan’s instant payment system, supporting the integration of domestic payment services into HugoBank’s digital banking operations. Additional features include withholding tax calculations, Zakat deductions, regulatory reporting and multilingual support, which are intended to address local compliance requirements and customer needs.
David Fergusson, Chief Executive Officer of HugoHub, said technology decisions influence the cost of serving customers and the ability of banks to improve their products. He said HugoHub was developed to provide financial institutions with a connected technology foundation that they can operate and modify as their requirements change. The platform’s deployment at HugoBank represents its transition from development and implementation into a live banking environment, where its capabilities will be tested through actual customer journeys and operational activity.
During the pilot phase, HugoBank plans to introduce current accounts, savings accounts, gamified money pots and debit cards. The bank will use the testing period to assess its customer onboarding process, product functionality and operational procedures before submitting its results to the State Bank of Pakistan. Subject to regulatory approval, HugoBank is targeting the start of commercial operations in early 2027. Following the planned launch, the bank intends to expand its offerings by introducing retail lending and products designed for small and medium-sized enterprises (SMEs).
Asim Hasan, Chief Executive Officer of HugoBank, said the pilot would allow the bank to observe real customer account-opening journeys and assess how its products and operating processes function together. The testing phase is expected to provide information on customer experience, service delivery and the bank’s readiness for broader operations. The results will help the institution identify areas requiring improvement before seeking approval to serve customers commercially.
The launch comes as Pakistan continues efforts to expand access to formal financial services through digital banking and technology-led financial products. World Bank data cited in the report indicates that just over a quarter of adults in Pakistan held a bank or mobile-money account in 2024, highlighting the scale of the financial inclusion challenge. HugoBank’s pilot will test whether its digital-first model can contribute to wider access to banking services while meeting the operational and regulatory standards required by the central bank. Its planned commercial launch in 2027 will depend on the successful completion of the pilot and approval from the State Bank of Pakistan.
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