HugoBank receives State Bank of Pakistan approval for digital banking

HugoBank Limited has received official regulatory authorization from the State Bank of Pakistan (SBP), marking a major milestone in its transition toward commercial operations as a digital retail bank.

The approval, granted on August 4, 2026, allows the company to move forward in Pakistan’s expanding digital banking and financial services market. HugoBank intends to provide banking services through technology-enabled channels, offering an alternative to traditional banking methods.

The company noted that the Special Investment Facilitation Council (SIFC) played a significant role in the regulatory journey by providing guidance and facilitating coordination with relevant government institutions to address key regulatory matters.