HugoBank, one of the digital banks licensed in Pakistan, has begun putting a small group of approved insiders onto its banking app. The public cannot open an account yet, and the bank says a wider launch depends on further approval from the State Bank of Pakistan (SBP).
The bank says it opened its first pilot customer account on 25 September 2026. It is using the pilot to test account opening, transactions, customer support and the day-to-day running of the bank, and to collect feedback from the people taking part.
Who is in the pilot
HugoBank’s chief executive Asim Hasan described the pilot as a controlled activity with minimal users in an interview with The News. He said the trial starts with employees and gradually widens to consortium members before the platform opens to the wider market. The News quotes him saying SBP requires digital banks to run a test period of at least three months and at most nine months, after which the bank submits its results to the SBP for assessment.
The pilot runs under a restricted licence. HugoBank announced SBP’s approval to start pilot operations in August, almost three years after the SBP gave it an in-principle approval as one of five digital retail banks in 2023.
Who it wants as customers
Hasan told The News the bank is aiming at people outside the formal banking system, such as those who cannot show proof of income, and at small businesses that struggle to borrow without collateral or full financial records. He also named overseas Pakistanis sending money home as a focus. The bank says it will not try to launch many products at the start, and he said it is open to partnerships with fintech companies.
The News adds that three of the five banks given approval in 2023 have since started commercial operations. HugoBank is not one of them yet, and the bank’s own statement says the general public launch stays subject to regulatory approvals.
HugoBank’s website promises 24/7 access, bill payments and a card, but gives no date for the public service. Anyone waiting for it should watch for an SBP clearance, since the bank has not given a launch date.
