SECP approves Rs1.5bn capital boost for Pakistan’s first digital retail bank

WEB DESK: Pakistan has moved a step closer to launching its first digital retail bank after the Securities and Exchange Commission of Pakistan (SECP) approved a Rs1.5 billion increase in the paid-up capital of HugoBank.

According to the SECP, HugoBank is being established by a consortium of Pakistani and Singaporean investors, marking a major milestone in the country’s digital banking sector.

The regulator said the bank’s sponsors will invest a total of $60 million to support the venture.

Once operational, HugoBank will offer branchless banking services through mobile and online platforms, enabling customers to access financial services without visiting physical bank branches.

The SECP said the development is expected to promote digital banking in Pakistan by providing consumers with faster, more convenient and cost-effective financial services.