SECP Clears Rs1.5bn Capital Boost for HugoBank's Digital Launch

The Securities and Exchange Commission of Pakistan (SECP) has approved a Rs1.5 billion capital boost for HugoBank Limited, allowing the digital bank to meet the State Bank of Pakistan’s (SBP) Minimum Capital Requirement. This fresh equity injection is a crucial step towards the launch of one of Pakistan’s first digital retail banks, backed by approximately $60 million in capital and technology support from a consortium of Pakistani and Singaporean investors. HugoBank has also secured SBP's In-Principle Approval and pilot operations approval, paving the way for testing its services. While positive for financial inclusion, this development is unlikely to significantly impact immediate gold or currency rates in Pakistan.

بحوالہ / Source: www.brecorder.com