Photo: Wlakhan / Wikimedia Commons ↗, CC BY-SA 4.0 ↗
KARACHI, September 15, 2026 — HugoBank says the State Bank of Pakistan has approved it to begin controlled pilot operations as a digital retail bank, and for now there is nothing for the public to open. The bank announced the approval on August 5, 2026. Its chief executive, Asim Hasan, told The News on September 13 that the trial starts with employees and then consortium members; everyone else can only join a waitlist.
What the pilot approval covers
The company’s own release says the approval lets it test its products, systems and operational readiness “under real world conditions with a limited customer base”. Hasan is quoted in the same release saying that “true financial freedom begins with ease and convenience”. HugoBank’s website carries the same status, describing approval to “commence controlled pilot operations”.
Business Recorder reported that SBP granted pilot operations approval to the Karachi-based digital retail bank, and that HugoBank Limited received in-principle approval (IPA) back in 2023 as one of five new digital retail banks.
Capital and sponsors
On the same day, Profit reported that the SECP approved an issuance of shares to the bank’s sponsor shareholders, allowing HugoBank to raise Rs1.5bn in fresh equity to meet SBP’s minimum capital requirement. SBP’s Licensing and Regulatory Framework for Digital Banks of January 2022 sets pilot-stage minimum capital at Rs1.5bn, rising to Rs4bn. Profit describes the shareholder group as a consortium of Pakistani and Singaporean investors led by Singapore-based Atlas Consolidated, with The Getz Group and Muller & Phipps.
Scope of the trial and the next approval
Hasan described the pilot to The News as “a controlled activity with minimal users”, beginning with employees and gradually expanding to consortium members, with the results going to SBP before the bank applies for commercial operations. He said digital banks must complete a test period of at least three months and no more than nine months before receiving approval for full commercial operations. HugoBank plans to focus on retail and small and medium-sized enterprise customers, and Hasan said overseas Pakistanis will be a key focus.
Where Pakistan’s digital retail banks stand
The News reported that three of the five licensed digital banks have commenced commercial operations. An SBP press release of January 28, 2025 is titled “SBP Awards First Digital Retail Bank License to Easypaisa”. Mashreq Bank Pakistan’s Q1 2026 financial statements say SBP granted it a digital retail bank licence on September 15, 2025 and that it began commercial operations the next day; Business Recorder, quoting SBP, reported that Mashreq had taken the first restricted licence for pilot operations in February 2025. Raqami Islamic Digital Bank says it was granted a licence for commencement of commercial operations in a release dated May 20, 2026. KT Bank announced in-principle approval in 2023, and no pilot approval for it was found in the sources checked on September 27, 2026.
What the sources do not settle
No SBP press release or notification about HugoBank’s pilot approval was found; the reports trace to the company’s own statement. ProPakistani reported on August 30 that the authorization was received on August 4, 2026, while the release of August 5 said the bank announced it that day. Whether the later report describes a separate step is unclear.
What changed
- Before: HugoBank held in-principle approval from 2023 and had no customers.
- Now: HugoBank says SBP has approved controlled pilot operations with a limited customer base, starting with employees and then consortium members.
- Effective: Announced August 5, 2026; commercial operations require a separate SBP approval after the pilot.
What this means for you You cannot open a HugoBank account yet, and the only step open to the public is the waitlist on hugobank.com.pk. Accounts and wallets already licensed for commercial operations are covered in our wallets section.
