A bank account with no branch, no paperwork queues and no legacy core system behind it has just gone live in Pakistan. On 25 September 2026, HugoBank — a digital retail bank operating under a Restricted Licence from the State Bank of Pakistan (SBP) — opened its first pilot customer account on HugoHub, a Singapore-built banking technology platform. The move marks HugoHub’s first live deployment with a regulated bank, the company said, and it puts Pakistan’s digital-bank experiment into real-world operation.
HugoHub announced the milestone in a statement on Monday, 2 November 2026, reported on 2 November. The deployment supports HugoBank’s controlled pilot under the SBP’s Restricted Licence, which lets the bank run limited-scope digital retail banking operations while it tests its products, technology and operating processes. HugoBank was among five applicants selected for Pakistan’s first digital-bank cohort, and the country has been building its digital-bank framework since 2022.
A controlled pilot — internal customers only, for now
For now, the pilot is tightly scoped. HugoBank has begun actively onboarding approved internal pilot participants, moving from preparation and testing into live banking journeys, according to the bank’s announcement reported on 2 November. The first pilot customer account opened on 25 September 2026, and the controlled setting lets the bank test everything from account opening and transaction journeys to customer support and operational performance. Broader commercial operations remain subject to the requisite regulatory approvals.
The platform is a full “core-to-customer” stack: core banking functions such as ledgers and account servicing, integrated with payments, card management and savings tools linked to the customer app. An operating portal also supports administration, customer service and risk monitoring on the bank’s side.
During the pilot, HugoBank plans to offer current and savings accounts, gamified money pots and debit cards. If the pilot results satisfy the central bank, the bank will submit its findings to the SBP and seek approval for full commercial operations in early 2027 — after which it intends to roll out retail lending and small and medium-sized enterprise (SME) products.
Built for Pakistan: NADRA biometrics, Raast and Zakat deductions
What makes this deployment interesting is how much of it is adapted to Pakistani rules. The platform plugs into biometric verification through the National Database and Registration Authority (NADRA), connects to the 1LINK and Raast payment networks, and comes configured for local requirements — withholding tax calculations, Zakat deductions and domestic reporting formats. It also supports multiple languages.
HugoHub says its platform is designed to cut the duplication and inefficiency of disconnected banking systems, letting financial institutions develop and improve services while keeping operating costs down. “A bank’s technology choices shape the cost of serving its customers and how easily its products can improve,” said HugoHub chief executive David Fergusson.
The company was built by a team with experience running Hugosave, a consumer finance app in Singapore — experience it says has shaped a delivery model of working alongside banks during implementation and the move to live operations. Beyond HugoBank, HugoHub says it is in discussions with mid-tier banks, insurance brokers, multi-finance companies and fintech firms on projects ranging from full technology overhauls to smaller operational improvements.
Why Pakistan’s digital-bank race matters
The stakes are financial inclusion. Pakistan has nearly 260 million people, yet the World Bank found that slightly more than a quarter of Pakistani adults held a bank or mobile-money account in 2024. The SBP’s digital-bank framework, introduced in 2022, was designed to change that — letting new banks reach underserved communities with affordable, branchless services. Pakistan’s progress on open banking regulations and launches like Mashreq’s NEO BIZ digital banking for SMEs show how quickly the landscape is moving.
For HugoBank, the pilot is a proving ground. Chief executive Asim Hasan said the controlled launch would let the bank “observe actual account-opening journeys” and assess how its products and operating processes work together — evidence it will need when it makes its case to the SBP for commercial operations in early 2027.
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