HugoBank, Pakistan’s newest digital bank led by a Singapore Consortium, announced today the planned appointment of Atyab Tahir as Chief Executive Officer, pending the State Bank of Pakistan’s review of Tahir’s qualifications. Following the formation of the company, Atyab will establish and lead HugoBank in Pakistan to provide digital banking services to individuals and small businesses throughout the nation.
Atyab has over 20 years of commercial expertise and extensive industry knowledge, which he utilises to direct HugoBank’s mission in Pakistan. Prior to joining HugoBank, Atyab was the CEO of Jazzcash and the country manager for Mastercard. Additionally, he has held executive positions at Tameer Bank and HBL, where he emphasised innovation and expansion. With his extensive expertise in banking and fintech in Pakistan, the Middle East, and New York, Atyab brings the best of both industries and a deep awareness of the local market’s requirements.
“I am ecstatic to lead HugoBank at the outset of its adventure in Pakistan and am certain that our digital bank will accelerate financial inclusion and wellness for the Pakistani people. HugoBank’s Chief Executive Officer, Atyab Tahir, is pleased to gather a team to establish a customer-centric bank that focuses on providing underserved individuals and SMEs with accessible, convenient, and safe digital financial services.
HugoBank would promote financial inclusion and education in Pakistan by providing products and services at affordable prices. The partnership intends to assist Pakistan in reaching a bank account penetration rate of 85 percent within five years, up from the current 16.29%; 34 million additional accounts are anticipated to be opened by 2027.
Pakistan has one of the lowest credit adoption rates in the financial industry, with only 2.4% of its population having access to credit through formal financial sources and 53% of the country’s 220 million inhabitants now being financially excluded. HugoBank is devoted to introducing its state-of-the-art financial platform, which will offer consumers a simple and straightforward way to preserve their funds, in recognition of the difficulties experienced in Pakistan. With HugoBank, financial inclusion and literacy will become more accessible, contributing to the country’s economic prosperity and well-being.
HugoBank is a joint venture founded with The Getz Group and Muller & Phipps. HugoBank is led by Singapore’s Atlas Consolidated, which owns and manages the rapidly growing WealthcareR and savings app Hugosave. In January of this year, the State Bank of Pakistan granted it its No-Objection Certificate.
David Fergusson, the CEO of Atlas Consolidated, remarked, “We are delighted to welcome Atyab Tahir as the new CEO of HugoBank. We are convinced that he will lead HugoBank in increasing financial inclusion and literacy in Pakistan, thereby enhancing the lives of millions of people in the country, thanks to his broad experience and profound business knowledge. We are eager to collaborate with him to provide and share international best practises and platforms that will drive good change in the financial landscape and Wealthcare®.”