Islamabad (Commerce Desk): Significant progress has been made in the establishment of Pakistan’s first digital retail bank.
According to the Securities and Exchange Commission of Pakistan (SECP), approval has been granted for an increase of Rs1.5 billion in the paid-up capital of Hugo Bank.
A consortium of Pakistani and Singaporean investors is establishing Hugo Bank, with its sponsors planning an investment of $60 million.
According to the SECP, Hugo Bank will provide branchless banking services to customers through mobile and online platforms.
The commission stated that Hugo Bank has also received in-principle approval from the State Bank of Pakistan for establishing a digital retail bank.