HugoBank commences internal pilot operations after SBP nod

KARACHI (PR): HugoBank has commenced onboarding of approved internal pilot participants onto its digital banking platform, marking a significant milestone towards the launch of its commercial operations.

The development follows permission from the State Bank of Pakistan (SBP) to begin limited-scale pilot activities as a Digital Retail Bank under a restricted license.

According to the bank, it opened its first pilot customer account on September 25, 2026, formally initiating customer onboarding within its approved scope of activities.

During the limited pilot phase, the bank is evaluating all facets of its operations, including account opening, transactions, customer support, and overall performance of day-to-day banking activities.

The pilot aims to gather feedback from participants and generate insights from real-time operations to identify areas for improvement, enhance service efficiency, and strengthen readiness for full-scale commercial operations.

In a statement, HugoBank said: “Our goal is to make banking services more accessible and easier to use for people across Pakistan. Every new account provides us with an opportunity to assess how effectively our technology, processes, and teams work together. We will use the insights gained from these experiences to further improve our services and provide customers with secure, reliable, and high-quality banking facilities.”

At present, only approved internal participants are being included in the pilot phase. The broader launch of commercial banking services for the general public will remain subject to relevant regulatory approvals from SBP.