HugoBank Appoints Atyab Tahir as CEO to Build a Digital Bank in Pakistan

Atyab Tahir brings over 2 decadesof local and international experience in fintech and digital financial services to help build a digital bank in Pakistan

HugoBank expects to increase Pakistan's bank account penetration rate to over 80% and to open 34 million new accounts by 2027

SINGAPORE,March 27,2023 -- 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 Tahir

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," shared Atyab Tahir,Chief Executive Officer of HugoBank.

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%[1] 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. Recognising the challenges faced in Pakistan,HugoBank is committed to introduce 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 wellbeing 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 by 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 help 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®."

About HugoBank Limited

HugoBank received its NOC (No Objections Certificate) from The State Bank of Pakistan in January 2023. HugoBank aims to bring financial inclusion and literacy to Pakistan by making digital banking services affordable,accessible and approachable. HugoBank is led by finance veteran and industry leader Atyab Tahir.

HugoBank is a consortium made up of Atlas Consolidated (Singapore),The Getz Group (Singapore) and Muller & Phipps (Pakistan). The consortium brings together a unique blend of international expertise in banking & technology,deep local knowledge and network to prime HugoBank in a position to achieve its mission and make a difference to the people of Pakistan.

About Atlas Consolidated Pte Ltd

In July 2021,Atlas Consolidated launched Hugosave,Singapore's first Wealthcare® and savings app,which helps elevate clients' lives by spending smarter,saving more,and investing diligently,starting with gold. Today,more than 60,000 clients in Singapore are using Hugosave to optimise their finances. Atlas Consolidated Pte Ltd was established in December 2019 by financial and technological stalwarts David Fergusson,Ben Davies,Braham Djidjelli and Surya Tamada. Atlas Consolidated received its licensing approval to operate as a Major Payment Institution [PS20200550] from the Monetary Authority of Singapore on 1 April 2022 and Regulated Precious Metals Dealers Certification [PS20200001983] from the Ministry of Law,Singapore on 1 August 2021.

About The Getz Group

The Getz Group of companies is a highly diversified group of companies with a mission to continue creating opportunities for the 'Mutual Growth and Success for all we serve and work with'. With over 160 years of commitment to excellence in international marketing and distribution,today we are a leading and trusted sales,marketing,distribution,sourcing,manufacturing and licensing business in the Asia-Pacific region and expanding into the Middle East and Africa.

Over the years,The Group has continued to grow through investment in existing businesses,development of new business ventures with our business partners and acquisitions of new businesses. Today,we are maintaining a profitable relationship with our business partners and credibility with our customers through a dedicated team of 18,000 employees worldwide.

[1]https://www.theglobaleconomy.com/Pakistan/percent_people_bank_accounts/#:~:text=The%20latest%20value%20from%202021,to%20compare%20trends%20over%20time.