HugoBank has secured a no-objection certificate (NOC) from the State Bank of Pakistan for digital banking in the country. The digibank is a consortium that includes Singapore-based Atlas Consolidated, the fintech firm behind savings app Hugosave.
Before operating commercially, HugoBank needs to incorporate a public limited company with the Securities and Exchange Commission of Pakistan (SECP) and get in-principle approval from the state bank.
Aside from HugoBank, Pakistan’s state bank also granted NOCs to Easypaisa DB, KT Bank, Mashreq Bank, and Raqami.
HugoBank plans to provide online account opening, fund transfer, bill payments, consumer credit products, and peer-to-peer payment solutions in Pakistan. It aims to leverage the tech expertise of Atlas Consolidated and the know-how of other consortium members, diversified company The Getz Group and logistics firm Muller & Phipps Pakistan.
Atlas Consolidated put up Hugosave in Singapore in 2019. In 2022, the startup netted US$4 million in a pre-series A round from 1982 Ventures and Woodside Holdings Investment Management. The deal brought its total raise to US$10.5 million.
Founded by David Fergusson, Ben Davies, Braham Djidjelli, and Surya Tamada, Hugosave currently has more than 60,000 registered users in Singapore.
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