HugoHub, a Singapore-based financial infrastructure platform, has secured its first live deployment with a regulated bank, as Pakistan’s digital retail bank HugoBank opened its first pilot customer account on the platform on Sept 25, 2026.
The deployment supports HugoBank’s controlled pilot under a Restricted License from the State Bank of Pakistan (SBP), allowing it to conduct limited-scope operations as a digital retail bank, the firm said in a statement on Monday.
HugoBank was among five applicants selected for Pakistan’s first digital-bank cohort.
The pilot provides a controlled setting for the bank to test its products and operating processes before seeking approval for a wider commercial launch, HugoHub said in a statement.
The development marks an early deployment of HugoHub’s core-to-customer platform in Pakistan, where nearly 260 million people live and access to formal financial services remains limited.
The World Bank found that only slightly more than a quarter of Pakistani adults held a bank or mobile-money account in 2024. The country introduced its digital-bank framework in 2022 to expand affordable financial services to underserved communities.
HugoHub said its platform is designed to reduce the duplication and inefficiencies associated with disconnected banking systems, allowing financial institutions to develop and improve services while managing operating costs.
At HugoBank, the platform integrates core banking functions, including ledgers and account servicing, with payments, card management and savings tools linked to the customer app. An operating portal also supports administration, customer service and risk monitoring.
The system has been adapted to Pakistan’s identity, payment and regulatory requirements. This includes biometric verification through the National Database and Registration Authority (NADRA), connectivity with payment networks 1LINK and Raast, as well as configurations for withholding tax, Zakat deductions and local reporting formats. The platform also supports multiple languages.
“A bank’s technology choices shape the cost of serving its customers and how easily its products can improve,” said HugoHub chief executive officer David Fergusson.
The company was established by a team with experience building and operating Hugosave, a consumer financial app in Singapore. Its founders said this experience has shaped a delivery model that involves working alongside financial institutions during implementation and the transition to live operations.
HugoHub’s modular architecture is also designed to support existing institutions seeking to modernise selected banking functions while retaining their current services.
HugoBank chief executive officer Asim Hasan said the pilot would allow the bank to observe actual account-opening journeys and assess how its products and operating processes work together.
The bank will use the findings to refine its operations before submitting the results to the SBP and seeking approval for commercial operations in early 2027.
During the pilot, HugoBank plans to introduce current and savings accounts, gamified money pots and debit cards. Following approval for commercial operations, it intends to roll out additional retail lending and small and medium-sized enterprise-focused products.
HugoHub co-founder and chief product officer Braham Djidjelli said Pakistan’s large population presented an opportunity for new banks to adopt modern infrastructure rather than rely on legacy banking systems.
The company said it is also in discussions with mid-tier banks, insurance brokers, multi finance companies and fintech firms on projects ranging from major technology overhauls to smaller operational improvements.