Hugosave’s parent to set up digital bank in Pakistan

A SINGAPORE-BASED consortium led by Atlas Consolidated, the parent company of wealth and savings app Hugosave, has obtained a no-objection certificate by the State Bank of Pakistan.

With the new digital banking licence, the company revealed on Tuesday (Jan 17) plans to open a new digital bank – HugoBank – in Pakistan in the coming months. This is part of a joint venture between The Getz Group, Atlas Consolidated and Muller & Phipps.

The new bank, which is targeted towards “financially underserved customers in Pakistan”, will offer services such as online account opening, fund transfer, bill payments, customer credit products, peer-to-peer payments, and other financial transactions.

The bank also aims to drive financial education, offer products and services at “accessible” price points, and increase bank account penetration in Pakistan to 85 per cent within five years, said Atlas Consortium.

At present, more than half of Pakistan’s population is currently unbanked, according to figures from the State Bank of Pakistan.

“We are extremely honoured that the State Bank of Pakistan has conferred this trust in the consortium, for the systemically important role of expanding financial inclusion broadly across Pakistan,” said Ray Simkins, president of The Getz group.

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“For many in Pakistan, that starts with opening a bank account.”