The Securities and Exchange Commission of Pakistan (SECP) has approved a Rs1.5 billion capital increase for HugoBank, a digital retail bank backed by a consortium of Pakistani and Singaporean investors.
The regulatory clearance allows the sponsors to proceed with injecting approximately $60 million in capital and technology support into the venture.
The approval represents a concrete step in the development of Pakistan’s digital banking sector, which has seen increased regulatory attention in recent months.
The capital boost is intended to fund the bank’s operational launch and technological infrastructure, positioning HugoBank to compete in the country’s growing fintech landscape.
This development follows recent statements from Pakistan’s Federal Finance Minister Muhammad Aurangzeb, who visited the SECP to pledge full government support for the capital markets.
The minister committed to improving the regulatory environment to foster growth and investment, signaling a broader push to stabilize and expand financial market participation.