Singapore-based consortium to open digital bank in Pakistan
State Bank of Pakistan has
granted a no-objection certificate to a Singapore-based consortium led by Atlas
Consolidated to open a digital bank in Pakistan.
Atlas Consolidated is the
parent company of wealth and savings app Hugosave.
With the new digital banking
licence, the company plans to open a new digital bank – HugoBank – in Pakistan
in the coming months. This is part of a joint venture between The Getz Group,
Atlas Consolidated and Muller & Phipps.
The
new bank will offer services such as online account opening, fund transfer,
bill payments, customer credit products, peer-to-peer payments, and other
financial transactions.