H

HugoBank

Digital retail bank enabling financial inclusion

Finance Functional Architect / Vice President - Oracle ERP & Core Banking Integration

Full-TimeUpdated on 10/17/2026
No salary listed
Expert
Bachelor's, Master's, MBA
Karachi, Karachi City, Sindh, Pakistan
In Person
AccountingFinancial Accounting

About the job

Requirements
  • A bachelor's degree in Accounting and Finance is essential; CA is also listed as an essential qualification.
  • Six to ten years of experience in banking or financial services finance, with exposure to Financial Control, Product Control, or Finance Systems.
  • Hands-on ownership of a Chart of Accounts in a core banking system, including category codes, asset types, and internal accounts, through design, configuration, upload, and go-live.
  • Working knowledge of a modern core banking platform such as Temenos Transact/T24 or equivalent, and Oracle ERP or Oracle Fusion Financials, including GL and Subledger Accounting.
  • Experience building or testing a GL interface between a core banking system and an enterprise GL such as Oracle Financials, SAP, or Microsoft Dynamics.
  • Authorship of business requirement documents, functional specification documents, gap analyses, run-books, and accounting entry matrices.
  • Banking product accounting knowledge including accruals, provisioning, and IFRS 9, plus working knowledge of SBP regulatory reporting and prudential regulations.
  • Ability to write detailed specifications for vendor implementation and audit review, and to communicate and challenge Technology, vendors, Operations, and Product teams.
  • Ability to maintain precise, well-documented accounting mappings and manage suspense balances with a control-oriented approach.
Responsibilities
  • Design the Chart of Accounts to core banking platform standards, assign category codes, asset types, and internal accounts to products with stream owners, and assign internal accounts for all Finance areas.
  • Establish control over category codes and internal accounts; prepare the Chart of Accounts for upload and maintain it through build, testing, migration, and go-live.
  • Govern the mapping from core banking accounts to Oracle ERP natural accounts, cost centres, lines of business, and product dimensions to support IFRS, SBP returns, and management reporting without manual remapping.
  • Finalize the company and entity structure from business requirements; conduct business process reviews and gap analysis.
  • Author business requirement and functional specification documents with business and technology partners, and drive accounting-impact decisions for interfaces and modules.
  • Deliver induction and functional training to Finance and business users on finance-related modules.
  • Configure GL-level and report-level parameters, and validate core Finance GL reports across environments.
  • Own and execute the Finance run-book across Development, Master, Testing, Migration, and Production; perform sanity testing after each refresh or release and sign off Finance UAT.
  • Lead development, configuration, and testing of the GL interface between the core banking system and Oracle Financials.
  • Define and document accounting entries, including triggers, timing, contra, suspense, and clearing accounts, for every transaction event; own posting integrity, cut-off, control totals, and rejected-entry handling.
  • Operate daily controls to verify agreement between the core banking GL and ERP GL, and resolve variances.
  • Represent Finance in balance migration, opening balance loads, parallel runs, and post-migration reconciliations; sign off before cut-over.
  • Define, configure, and test accounting treatment for every new product, fee, channel, or partner arrangement before launch, including deposits, lending, cards, wallets, payments, accruals, provisions, and write-offs.
  • Define the accounting treatment of settlement flows across payment rails, switches, schemes, and partner banks, including Raast, 1LINK/IBFT, NIFT, card schemes, agents, and aggregators.
  • Ensure settlement, in-transit, and pass-through accounts are modelled correctly, reconciled daily, and reflected in the ERP; define treatment of unmatched items, chargebacks, reversals, disputes, write-offs, and recoveries with ageing and escalation.
  • Ensure the ERP GL is a complete and reconciled source of truth for statutory, regulatory, and management reporting; support month-end and year-end close.
  • Maintain the accounting rulebook, Chart of Accounts repository, run-book, and data lineage as version-controlled artefacts, with segregation of duties and maker-checker controls over configuration changes.
  • Serve as Finance's point of contact for internal audit, external audit, SBP inspections, and third-party assessments of accounting flows and GL integrity.
Desired Qualifications
  • An MBA or MSc is preferred.
  • End-to-end participation in a core banking or ERP implementation, from requirements through migration, go-live, and stabilization.
  • Greenfield bank, digital bank, or fintech experience, and familiarity with Pakistan's Digital Banks Licensing and Regulatory Framework.
  • Experience with Oracle Fusion Accounting Hub or an equivalent accounting rules engine, reconciliation platforms, and exception management tools.
  • SQL or comparable data-query ability to independently investigate GL and transaction data.

About the company

H

HugoBank

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Website

HugoBank is a digital retail bank in Karachi that aims to boost financial inclusion in Pakistan. It offers a mobile-first app with fast online account opening, secure transfers, P2P payments, bill payments, debit and credit cards, and credit products, plus Earned Wage Access to access part of salary before payday. It differentiates itself by pairing international fintech expertise with deep local reach through Muller & Phipps Pakistan to reach underserved populations quickly, and it brands itself as a wealthcare partner offering holistic financial solutions. Its goal is to raise Pakistan’s bank account penetration to over 80% and open 34 million new accounts by 2027, serving digitally savvy professionals, self-employed individuals, small business owners, and older customers who value convenience.

Company Size

51-200

Company Stage

N/A

Total Funding

N/A

Headquarters

Karachi, Pakistan

Founded

2023

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Simplify's Take

What believers are saying

  • SECP approved Rs1.5 billion capital injection on August 5, 2026, meeting MCR.
  • Pilot approval on August 5, 2026 lets HugoBank validate product-market fit quickly.
  • Muller & Phipps' reach within 20 minutes of 180 million Pakistanis accelerates distribution.

What critics are saying

  • SBP requires three-to-nine-month pilots; missed controls delay commercial launch into 2027.
  • Digital banks face cybersecurity and compliance failure risks during real-money testing under SBP scrutiny.
  • Pakistan's digital-banking incumbents can copy HugoBank's payments and credit features before scale.

What makes HugoBank unique

  • SBP approval on August 4, 2026 makes HugoBank a licensed digital retail bank.
  • Atlas Consolidated, Getz Group, and Muller & Phipps combine capital, tech, and distribution.
  • Asim Hasan's pilot rollout targets employees first, then consortium members, reducing launch errors.

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Growth & Insights and Company News

Headcount

6 month growth

-5%

1 year growth

-7%

2 year growth

-7%
PakBanker
Aug 31st, 2026
HugoBank completes licensing process after State Bank of Pakistan approval.

HugoBank completes licensing process after State Bank of Pakistan approval. HugoBank Limited has received official regulatory authorization from the State Bank of Pakistan (SBP), completing the licensing process required for the digital retail bank to move closer to commercial operations in Pakistan. The approval represents a key regulatory milestone for the company as it prepares to enter the country's growing digital banking and financial services market. HugoBank received the authorization on August 4, 2026, clearing an important requirement before the company can begin its planned commercial activities. The authorization marks a significant step in HugoBank's efforts to establish its presence in Pakistan's digital banking sector. As a digital retail bank, the company is positioned to provide banking and financial services through technology enabled channels. Its entry comes at a time when Pakistan's financial sector is continuing to develop digital banking services and expand technology based access to financial products for consumers. HugoBank said the Special Investment Facilitation Council (SIFC) played an important role during its regulatory journey by providing support, guidance and coordination with relevant government institutions. According to the company, the council's engagement helped address key regulatory matters and supported the completion of the licensing process. The company highlighted the coordination between relevant institutions as an important factor in progressing through the regulatory requirements associated with establishing its operations in Pakistan. The completion of the licensing process also reflects the regulatory steps required for foreign backed businesses seeking to establish operations in Pakistan's financial sector. HugoBank said SIFC's involvement helped facilitate discussions and address regulatory matters with the relevant government institutions. This coordination supported the company as it worked through the requirements necessary to secure authorization from the country's central bank. HugoBank has significant foreign investment backing and is expected to contribute to the expansion of digital financial services in Pakistan. The company's planned presence in the digital retail banking segment comes as financial institutions and technology driven businesses continue to expand digital channels for delivering banking services. The development of digital banking is also linked with efforts to increase financial inclusion by providing customers with greater access to formal financial services through technology based platforms. With regulatory authorization now secured, HugoBank is closer to commencing commercial operations in Pakistan. The company has completed the licensing process following approval from the State Bank of Pakistan, removing a major regulatory requirement ahead of its planned market entry. The authorization provides the company with the regulatory clearance needed to proceed with preparations for its commercial activities. The company's entry into the digital retail banking market is expected to add another foreign backed participant to Pakistan's developing digital financial services sector. HugoBank's operations will be based on technology driven banking services, while its investment backing provides a foundation for its planned expansion in the country. The company has not provided details in the announcement regarding the specific date on which commercial operations will begin. The completion of HugoBank's licensing process also comes as Pakistan continues efforts to develop its digital banking ecosystem and attract investment into technology driven financial services. Regulatory authorization from the State Bank of Pakistan represents a necessary step before the company can begin commercial operations. With this approval in place, HugoBank can move forward with the remaining preparations required for its entry into Pakistan's digital banking market. HugoBank said the support and coordination provided during its regulatory journey helped the company address key matters and complete the licensing requirements. The company's successful authorization brings it closer to serving customers as a digital retail bank and participating in Pakistan's evolving financial services landscape. Its planned operations are expected to contribute to the expansion of digital banking services and technology based financial access in the country.

PakBanker
Aug 6th, 2026
HugoBank receives SBP approval to begin pilot operations for digital banking platform.

HugoBank receives SBP approval to begin pilot operations for digital banking platform. HugoBank, one of Pakistan's upcoming digital banks, has received approval from the State Bank of Pakistan to begin pilot operations, marking a significant step towards the launch of its digital banking services. The approval allows HugoBank to test its products, technology systems and operational capabilities under real world conditions with a limited customer base before moving towards a full public launch. The pilot phase will enable the bank to evaluate customer experience, strengthen security measures and ensure compliance with regulatory requirements before expanding its services nationwide. The approval from the State Bank of Pakistan represents an important milestone in HugoBank's development as it prepares to introduce a technology focused banking model in Pakistan's growing digital finance sector. During the pilot stage, the bank will focus on validating its digital infrastructure, improving operational processes and ensuring that its services meet the required standards for security, reliability and user experience. The controlled rollout approach allows the institution to identify potential improvements while maintaining a strong focus on risk management and regulatory compliance. HugoBank has positioned itself as a digital banking platform designed to provide simpler and more accessible financial services to customers across Pakistan. The institution aims to reduce traditional banking complexities by offering a customer focused digital experience that allows users to access financial services through modern technology solutions. The bank's approach is centered around improving convenience and expanding access to secure digital banking services as Pakistan's financial ecosystem continues to move towards greater digital adoption. Commenting on the development, HugoBank Chief Executive Officer Asim Hasan said the bank believes financial freedom begins with ease and convenience. He stated that the institution aims to become a trusted financial partner by combining the discipline of a financial institution with the flexibility and speed of modern technology. According to the company, the pilot operations will demonstrate its commitment to providing customers with secure digital financial services that can be accessed conveniently across Pakistan. The pilot approval also reflects the importance of regulatory oversight as Pakistan continues to develop its digital banking landscape. Digital banks are expected to operate with strong technology infrastructure, effective security controls and robust compliance frameworks to protect customer information and maintain trust. By allowing HugoBank to begin controlled operations, the State Bank of Pakistan is enabling the institution to test its capabilities while ensuring that regulatory standards are maintained before wider market availability. During the pilot phase, HugoBank will continue refining its digital banking products based on customer feedback and operational insights. The bank has emphasized that this approach will help improve its offerings before a broader launch. By analyzing user experiences and system performance during the controlled phase, HugoBank aims to develop services that are aligned with the evolving needs of Pakistan's digital economy. Pakistan's digital banking sector has continued to attract attention as financial institutions and technology driven companies work towards expanding access to digital financial services. Digital banks are expected to contribute to financial inclusion by providing more convenient banking options, particularly for customers seeking faster and technology enabled solutions. HugoBank's entry into the pilot operations phase adds another development to the country's evolving fintech and digital finance ecosystem. The bank's focus on secure infrastructure, customer experience and responsible market entry highlights the importance of building sustainable digital banking models. Rather than immediately moving to a full scale launch, HugoBank will use the pilot phase to assess operational readiness and strengthen its systems. This process is expected to help the institution establish a stable foundation for future growth. With SBP approval secured for pilot operations, HugoBank will now move into a critical stage of testing and refinement before introducing its services to a wider customer base. The development represents progress in Pakistan's transition towards digital financial services and highlights the increasing role of technology driven banking solutions in the country's financial sector.

TechJuice
Aug 5th, 2026
SECP clears Rs. 1.5 billion capital injection for HugoBank's digital launch.

SECP clears Rs. 1.5 billion capital injection for HugoBank's digital launch. By Muhammad Haaris | 53 minutes ago | The Securities and Exchange Commission of Pakistan (SECP) recently cleared a major hurdle for HugoBank Limited. The regulatory body officially approved the issuance of shares to the bank's sponsor shareholders. Consequently, this move allows a massive fresh equity injection of Rs 1.5 billion. Ultimately, this marks a critical step toward launching one of Pakistan's first fully digital retail banks. Clearing regulatory hurdles & power players behind HugoBank. This new capital injection serves a very specific regulatory purpose. It enables HugoBank to successfully meet the State Bank of Pakistan's (SBP) Minimum Capital Requirement (MCR). Meeting this MCR is a mandatory condition for starting commercial banking operations. Furthermore, HugoBank has already secured the SBP's In-Principle Approval (IPA) to establish its digital retail bank in the country. Currently, the bank is being established through Starlight Holdings (Private) Limited. Meanwhile, its sponsors have committed approximately US$60 million to the project. This massive investment will fund both the core capital and the technology required to build a state-of-the-art digital platform. A powerful consortium of Pakistani and Singaporean investors firmly backs HugoBank. Singapore-based Atlas Consolidated leads this massive joint venture. Additionally, they have partnered directly with The Getz Group and Pakistan's own Muller & Phipps. Together, they possess the capital and infrastructure to disrupt the local banking sector. Disrupting Pakistan's financial market. Unlike traditional institutions, digital retail banks operate entirely without physical branch networks. Instead, they rely strictly on technology-driven platforms. Therefore, HugoBank will offer all of its banking services exclusively through mobile applications and online channels. This modern business model drastically lowers operating costs. Moreover, it significantly improves customer convenience. Most importantly, it expands access to formal financial services for the unbanked and underserved segments of Pakistan's population. Industry experts expect HugoBank's entry to heavily intensify competition across Pakistan's rapidly evolving digital financial services market. Overall, digital banks can quickly accelerate financial inclusion. They achieve this by offering faster account opening, low-cost digital payments, and instant fund transfers. Finally, they provide easily accessible digital savings products and cutting-edge, technology-enabled lending solutions.

Business Recorder
Aug 5th, 2026
Pakistan's HugoBank secures $5.4M capital injection to meet central bank requirement

The Securities and Exchange Commission of Pakistan has approved a Rs1.5 billion capital injection for HugoBank Limited, marking progress towards launching one of Pakistan's first digital retail banks. The funding will help HugoBank meet the State Bank of Pakistan's minimum capital requirement for starting commercial banking operations. HugoBank's sponsors, led by Singapore-based Atlas Consolidated with The Getz Group and Pakistan's Muller & Phipps, have committed approximately $60 million in capital and technology support. The bank already holds the State Bank's in-principle approval. Operating without traditional branches, digital retail banks use mobile apps and online platforms to deliver banking services. Industry experts expect this model to accelerate financial inclusion by offering faster account opening, low-cost payments, and technology-enabled lending solutions.