Singapore-based consortium led by fintech firm Atlas Consolidated takes major step towards digital banking licence in Pakistan

Aims to boost financial inclusion and products in Pakistan through healthy financial habits

09:40 AM | 17 Jan, 2023
Singapore-based consortium led by fintech firm Atlas Consolidated takes major step towards digital banking licence in Pakistan

SINGAPORE -  A consortium led by Singapore’s Atlas Consolidated, which owns and operates the fast-growing Wealthcare and savings app Hugosave, is one of five successful applicants formally granted a No-Objection Certificate (NOC) by the State Bank of Pakistan.

HugoBank Pakistan Consortium (HugoBank) is a joint venture between The Getz Group, Atlas Consolidated and Muller & Phipps.

David Fergusson, CEO of Atlas Consolidated, said, "From over 20 applicants, our winning

proposition was to drive financial inclusion and improve the lives of millions of people in

Pakistan. This is the reason why Hugo exists – to help individuals from every level of society

establish and build their financial journeys.”

Ray Simkins, President of The Getz Group said, "We are extremely honoured that the State

Bank of Pakistan has conferred this trust in the consortium, for the systemically important role of

expanding financial inclusion broadly across Pakistan. For many in Pakistan, that starts with

opening a bank account."

More than half (53%) of Pakistan’s population of 220 million is unbanked. The State Bank of

Pakistan attributes this to the “lack of awareness of financial products and a lack of basic

money and financial management skills”. HugoBank will help drive financial education, offering

products and services at price points that are accessible to anyone, and contribute to an

increase in bank account penetration to 85% within 5 years.

The digital banking licence will allow HugoBank to address these challenges and provide a

range of digital banking services to financially underserved customers in Pakistan. These

include online account opening, fund transfer, bill payments, consumer credit products, P2P

payments and other financial transactions. HugoBank plans to leverage its cutting-edge

technology and innovative products to provide convenient and secure banking services to

customers in Pakistan.

Kamran Nishat, CEO of Muller & Phipps Pakistan, said, "We have been present in Pakistan for

over a century, and this is a fundamentally important development for us as a group. Consumers

in Pakistan are familiar with our pharmaceutical, distribution, and courier businesses. We are

extremely excited to add banking to this mix."

The HugoBank consortium will lead with payments and account-based solutions, focusing on

dramatically increasing bank account penetration in Pakistan. HugoBank will utilise The Getz

Group's different platforms in Pakistan to reach the consumer; whether via Getz Pharma, or

Muller & Phipps, The Getz Group touches around 200 million consumers in Pakistan.

Operationally, HugoBank will leverage Atlas Consolidated’s Hugo platforms (Hugosave and

Hugoserve) to provide state-of-the-art digital banking services to Pakistan.

Herston Powers, Co-Founder of 1982 Ventures, an early financial backer of Atlas said, "We

have watched Atlas develop with pride. We have watched the team gel together, the product

development and the tech infrastructure surpass the competition, and the company exceed our hopes. This latest licence and the opportunity it holds is a major leap forward."

HugoBank is currently in the process of setting up operations in Pakistan and will provide

updates on its plans to launch its digital banking and Wealthcare services in due course.


Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on March 25, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 25, 2023 (Saturday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.1 286.15
Euro EUR 304 307
UK Pound Sterling GBP 345.5 349
U.A.E Dirham AED 77.2 78
Saudi Riyal SAR 75.4 76.2
Australian Dollar AUD 187 189.4
Bahrain Dinar BHD 751.6 759.6
Canadian Dollar CAD 205 207.2
China Yuan CNY 41.44 41.84
Danish Krone DKK 41.31 41.71
Hong Kong Dollar HKD 35.92 36.27
Indian Rupee INR 3.41 3.52
Japanese Yen JPY 2.06 2.11
Kuwaiti Dinar KWD 923.62 932.59
Malaysian Ringgit MYR 62.85 63.45
New Zealand Dollar NZD 177.56 179.56
Norwegians Krone NOK 26.33 26.63
Omani Riyal OMR 731.97 739.94
Qatari Riyal ‎QAR 77.43 78.13
Singapore Dollar SGD 208 210
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 308.97 311.47
Thai Bhat THB 8.3 8.45

Today's gold rates in Pakistan – 25 March 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 207,000 on Saturday.The price of 10 grams of 24k gold was recorded at Rs177,470.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 207,000 PKR 2,445
Karachi PKR 207,000 PKR 2,445
Islamabad PKR 207,000 PKR 2,445
Peshawar PKR 207,000 PKR 2,445
Quetta PKR 207,000 PKR 2,445
Sialkot PKR 207,000 PKR 2,445
Attock PKR 207,000 PKR 2,445
Gujranwala PKR 207,000 PKR 2,445
Jehlum PKR 207,000 PKR 2,445
Multan PKR 207,000 PKR 2,445
Bahawalpur PKR 207,000 PKR 2,445
Gujrat PKR 207,000 PKR 2,445
Nawabshah PKR 207,000 PKR 2,445
Chakwal PKR 207,000 PKR 2,445
Hyderabad PKR 207,000 PKR 2,445
Nowshehra PKR 207,000 PKR 2,445
Sargodha PKR 207,000 PKR 2,445
Faisalabad PKR 207,000 PKR 2,445
Mirpur PKR 207,000 PKR 2,445


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