Karachi: Technology-driven investment and digital banking are gaining momentum in Pakistan due to the support of the Special Investment Facilitation Council (SIFC). According to Radio Pakistan, HugoBank has received approval from the State Bank of Pakistan to commence controlled pilot operations.

HugoBank, a digital retail bank established through a partnership between investors from Pakistan and Singapore, plans to offer modern financial services. Following regulatory approval, HugoBank will test its products, systems, and operations during the pilot phase.

During this phase, the bank aims to ensure high standards of security, system performance, and customer experience, marking a significant step in the evolution of Pakistan’s banking sector.