HugoBank, Pakistan’s latest digital bank led by a Singapore Consortium, today announced the proposed appointment of Atyab Tahir as Chief Executive Officer, subject to the State Bank of Pakistan’s fit and proper assessment.
Following the company’s incorporation, Atyab will set up and lead HugoBank in Pakistan to offer digital banking services to people and small businesses across the country.
Atyab brings over 20 years of business experience and deep industry knowledge to drive HugoBank’s mission in Pakistan. Prior to HugoBank, Atyab led Jazzcash and served as a country head for Mastercard. He has also held senior positions with Tameer Bank and HBL where he focused on innovation and growth.
With his vast experience in banking and fintech in Pakistan, the Middle East, and New York, Atyab brings the best of both industries complete with a rich understanding of the local market and its needs.
I am thrilled to lead HugoBank at the beginning of its journey in Pakistan and am confident that our digital bank will catalyse financial inclusion and wellness for the people of Pakistan. I am excited to assemble a team to build a customer-centric bank focused on offering accessible, convenient, and secure digital financial services to underserved individuals and SMEs alike.
HugoBank will promote financial inclusion and literacy in Pakistan, offering products and services at price points that are accessible to everyone. The consortium aims to help Pakistan to achieve an 85% bank account penetration within five years, up from the current 16.29%, and is expected to open 34 million new accounts by 2027.
Pakistan has one of the lowest credit adoption rates in the financial sector, with only 2.4% of its population having access to credit from formal financial sources and 53% of the country’s 220 million population currently financially excluded.
Recognizing the challenges faced in Pakistan, HugoBank is committed to introducing its state-of-the-art financial platform that will provide customers with an easy and convenient way to safeguard their money. With HugoBank, financial inclusion, and literacy will become more accessible, ultimately contributing to the economic growth and well-being of the country.
Led by Singapore’s Atlas Consolidated, which owns and operates the fast-growing WealthcareⓇ and savings app Hugosave, HugoBank is a joint venture formed in partnership with The Getz Group and Muller & Phipps. It received its No-Objection Certificate from the State Bank of Pakistan in January this year.
David Fergusson, CEO of Atlas Consolidated said:
We are pleased to welcome Atyab Tahir as the new CEO of HugoBank. With his extensive experience and deep understanding of the market, we are confident that he will lead HugoBank in promoting financial inclusion and literacy in Pakistan and helping improve the lives of millions across the country. We are excited to work with him to provide and share international best practices and platforms to drive a positive change in the financial landscape and client’s Wealthcare®.