State Bank of Pakistan Grants HugoBank Pilot Operations Approval

The State Bank of Pakistan granted HugoBank approval to begin pilot operations, the digital bank announced on Aug 07, 2026. Under the pilot, HugoBank will onboard a limited number of customers to test its products, banking systems, and operational readiness in a real-world environment. The phase is designed to verify that security measures, regulatory compliance, and customer experience meet required standards before a full public launch.

HugoBank CEO Asim Hassan said the bank aims to serve as a trusted partner for customers "by combining the strength of a world-class financial institution with the speed and innovation of modern technology." Customer feedback collected during the controlled pilot will be used to refine products and services. Financial terms and the expected duration of the pilot were not disclosed.