HugoHub launches banking platform at Pakistan’s HugoBank

By Divya Shah

Why it matters: The deployment highlighted how localised banking technology, digital payments and automated services supported new digital banks and expanded financial inclusion.

Singapore-based banking technology provider HugoHub deployed its banking platform at Pakistan’s HugoBank, the live implementation for a regulated bank. 

HugoBank opened its first pilot customer account on 25 September under a restricted licence issued by the State Bank of Pakistan (SBP). The bank was among five applicants selected for Pakistan’s first digital banking cohort.  

Its pilot programme aimed to test banking products and operations before a wider commercial launch.  

HugoHub was developed by Atlas Consolidated, which also led the consortium behind HugoBank alongside The Getz Group and Muller & Phipps. 

The platform connected core banking, account servicing, payments, card management and savings services with HugoBank’s customer application. It also supported back-office operations, customer service, administration and risk monitoring. 

 To meet Pakistan’s banking requirements, HugoHub integrated biometric identity verification through the National Database and Registration Authority (NADRA), along with connectivity to 1LINK and the Raast instant payment system. 

The platform also included local banking features such as withholding tax, Zakat deductions, regulatory reporting and multilingual support. 

David Fergusson, Chief Executive Officer of HugoHub, said the platform was designed to provide financial institutions with connected technology that could help manage operating costs and improve banking services. 

HugoBank Planned Commercial Launch in 2027 

During the pilot phase, HugoBank planned to introduce current and savings accounts, gamified savings tools called money pots, and debit cards. 

 The bank planned to submit its pilot results to the SBP and seek approval to begin commercial operations in early 2027. Following the launch, it also intended to introduce retail lending and small and medium-sized enterprise (SME) banking products. 

 Asim Hasan, Chief Executive Officer of HugoBank, said the pilot would help the bank assess customer account-opening experiences and test how its products and operational processes worked together.  

The deployment came as Pakistan continued efforts to expand financial inclusion. World Bank data showed that just over a quarter of adults in the country held a bank or mobile money account in 2024.