HugoHub goes live in Pakistan with digital bank pilot

HugoHub has gone live in its first deployment for a regulated bank, launching with Pakistan's HugoBank in one of the country's earliest digital bank builds.

HugoBank opened its first pilot customer account on HugoHub's platform under a controlled pilot conducted through a Restricted Licence from the State Bank of Pakistan for limited-scope operations as a digital retail bank. It was one of five applicants selected for Pakistan's first digital-bank cohort, and the pilot is intended to test products and operating processes before commercial operations begin.

For HugoHub, a Singapore-based financial infrastructure provider, this is its first live bank deployment spanning both back-end banking systems and the customer-facing app. The system used by HugoBank covers core ledgers, account servicing, payments, card management and savings tools, while an operating portal handles administration, customer service and risk monitoring.

Pakistan offers a large potential market for digital banking, with a population of nearly 260 million and relatively low levels of formal financial inclusion. World Bank data cited by the companies showed that only slightly more than a quarter of adults in the country held a bank or mobile-money account in 2024.

The country introduced its digital-bank framework in 2022 to extend financial services to unserved and underserved communities. That policy backdrop has created an opening for new entrants such as HugoBank, which is building its systems around digital identity and instant payments infrastructure already established in the market.

The deployment has been adapted to local operating requirements, including biometric verification through NADRA, connectivity with 1LINK and Raast, and configuration for withholding tax, Zakat deductions and local reporting formats. The platform also supports multiple languages.

HugoHub executives described the build as an effort to reduce the operational complexity that can arise when banks rely on separate providers for different parts of their systems. The company worked with HugoBank's teams throughout the implementation and into the pilot phase.

"A bank's technology choices shape the cost of serving its customers and how easily its products can improve," said David Fergusson, Chief Executive Officer of HugoHub. "We built HugoHub to give institutions a connected foundation they can operate and change. The purpose is to help them reach more people and serve them safely, with financial services that improve their lives."

Local build

Pakistan's digital banking market remains at an early stage, and the HugoBank pilot offers a view of how new lenders are approaching infrastructure choices as they seek approval to expand. Rather than assembling systems from multiple vendors, HugoBank has adopted a single platform linking the financial core, customer interface and internal operating tools.

"HugoHub has worked alongside our teams to adapt the platform to Pakistan's identity, payment and regulatory requirements," said Asim Hasan, Chief Executive Officer of HugoBank. "The pilot lets us observe real account-opening journeys and test how our products and operating processes work together. We will use what we learn to refine the bank before seeking approval for a wider commercial launch."

The pilot is expected to cover current and savings accounts, money pots and debit cards. HugoBank plans to submit the pilot results to the State Bank of Pakistan and seek approval for broader commercial operations, with retail lending and small-business products intended to follow later.

The project also reflects HugoHub's wider strategy of selling its software and implementation model to a range of financial firms, including mid-tier banks, insurance brokers, multifinance companies and fintech groups. It is in discussions on projects ranging from large-scale system changes to smaller upgrades.

Founders' approach

HugoHub traces its origins to the team's work on Hugosave, a consumer financial app in Singapore. It said that experience of operating regulated financial services and moving live systems has shaped how it works with clients during implementation.

That background may matter in markets where digital banks need to meet local regulatory requirements while launching new products quickly. HugoHub said its modular architecture is designed not only for new institutions but also for existing financial firms seeking to modernise parts of their operations without replacing everything at once.

"A bank's teams need to understand how the customer journey connects to the financial core and the work of running the institution," said Surya Tamada, Co-Founder and Chief Technology Officer of HugoHub. "At HugoBank, we have brought those layers together within one architecture, adapted to Pakistan's requirements. The pilot is where those connections are tested in live operation."

HugoHub said its holding company, Atlas Consolidated, has raised more than USD 40 million from venture capital and strategic investors. It said it has clients across Singapore, Pakistan, the UK and the US.

"Pakistan is the world's fifth most populous country, and now new banks have an opportunity to leapfrog legacy banking infrastructure to serve millions more people," said Braham Djidjelli, Co-Founder and Chief Product Officer of HugoHub. "At HugoBank, we have connected the financial core and customer experience with Pakistan's recently upgraded national digital identity system and Raast's instant payments through one modular platform, lowering the cost of serving each customer and giving the bank a foundation to reach more people and improve their financial lives."