SBP grants HugoBank approval for pilot operations
The State Bank of Pakistan (SBP) has granted pilot operations approval to HugoBank, a Karachi-based digital retail bank. Under this pilot approval, HugoBank will be able to test its products, banking systems, and operational readiness with a limited number of customers in a real-world environment, read a statement released on Wednesday. The purpose of this phase is to ensure that security measures, regulatory compliance, and customer experience meet the highest standards before the bank’s full public launch, added the statement.