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Hugosave Empowers Muslim Community with Shariah-Compliant Financial Solutions

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SINGAPORE, Feb. 26, 2024 /PRNewswire/ — Singapore-based Wealthcare® and savings app Hugosave® announced that it is now jointly certified Shariah Compliant by a consortium led by Islamic Finance Singapore, Ustaz Kamal Mokhtar, S Tradition Pte Ltd, and Masryef Sdn Bhd.

In line with its dedication to fostering inclusivity and diversity within the financial sector, Hugosave has meticulously ensured that its offerings align with the principles of Islamic law, offering Muslim clients access to financial tools and additional avenues for investment opportunities grounded in their values and beliefs.

David Fergusson, Chief Executive Officer, Hugosave said, “Our vision has always been to build financially healthy and thriving communities, and this certification from the consortium of established Shariah advisory companies reinforces our commitment to the Muslim community in Singapore. This certification assures our Muslim clients that we are a trusted digital companion that is aligned with their faith. On a macro level, it is also Hugosave’s contribution to nation-building by promoting financial wellness across all segments of society.”

According to a 2022 report by the Islamic Corporation for the Development of Private Sector (ICD) and Refinitiv, Islamic financial assets grew to about $4 trillion from $2.17 trillion between 2015 and 2021, and are projected to rise to roughly $5.9 trillion by 2026[1]. This endorsement meets the growing demand from Muslim clients looking to manage their finances in accordance with their faith.

Ustaz Kamal Mokhtar, Chairman of the Shariah Consortium said, “Hugosave provides another avenue for Muslim investors to diversify their investment portfolio, especially in terms of gold investment. Gold is an important component of any investor’s portfolio due to its hedging mechanism against the volatility of the market. Global political uncertainties and the status and strength of the American dollar should make every investor consider increasing their gold portfolio. Historically since 1990 till 2020, gold prices have appreciated 360% which is about 18% annually. And the increasing demand for gold in the technology sector gives good potential for investing in gold. Hugosave provides a convenient platform for any investor to access the purchases of gold via an app. They could monitor the price of gold and make purchases from the convenience of their homes or offices.”

The six Shariah-compliant products offered by Hugosave include:

Hugosave Accounts: Savings in these accounts are safeguarded by a local bank.Hugosave Visa Platinum Debit Card: When a client spends with their Hugosave Debit Card, the transaction is rounded up to the nearest dollar and the excess is saved on their behalf, which is subsequently invested in a precious metal of their choice. This card has no annual fees and no minimum income requirement. When used overseas at millions of merchants worldwide, only Visa’s currency conversion applies.Hugosave Money Pots: Clients can set short-, medium-, or long-term savings goals and create automated saving and investing schedules to help achieve them.Hugosave Precious Metals: Clients can buy and sell physical gold, platinum, and silver, with a minimum investment as low as S$0.01. This feature provides clients with a live view of the value and gains of their investments, allowing them to make informed financial decisions by tracking market trends and investment performance in real time.Hugosave Trust: Hugosave has democratised access to a free trust service. With no fees and minimum income, clients can protect their legacy through Trustbox via a licensed trust service provider. This empowers customers to exercise greater control and flexibility over their assets, with the assurance that their wealth and assets are well-protected.Hugosave Rewards Centre: Clients are rewarded with sure-win spins when they reach specific milestones.

Hugosave serves as the digital companion, supporting individuals on their Wealthcare journey. The personal finance and savings app offers a comprehensive suite of financial products that helps everyone to make smarter spending choices, save for their goals and invest diligently.

“Hugosave is leading the charge in its field by adhering to Shariah standards, marking a significant and pioneering move that pushes the boundaries of Islamic finance in Singapore. Their bold and commendable decision to ensure their products comply with Shariah principles sets a new standard for innovation and inclusivity in the financial industry. This move highlights their commitment to alternative-ethical finance and opens up new avenues for growth and development within our community. IFSG is hopeful that Hugosave’s initiative will inspire other companies to embrace the principles of Shariah compliance, thereby enriching Singapore’s financial landscape with a variety of ethical and inclusive financial solutions.” said Ustaz Zul Hakim, Co-Chair of the Shariah Consortium.

“There is much confusion in navigating the current financial offerings and investments for Muslims in Singapore. Hugosave helps to simplify them and offer solutions in a Shariah-compliant manner. Acquiring, preserving and growing wealth is part of the objectives of Shariah. Although wealth is not an end in itself, it is a means for Muslims to live their lives, fulfil their responsibilities and prosper in this world with the blessings from the Allah SWT the All Mighty. Hugosave helps App users manage their finances, provide a payment solution, facilitate savings via gold and other precious metals, and perform investments in ETFs. All in a worry-free App (under its Shariah-compliant tab) suitable for Muslims.” added Ustaz Aminuddin Abu Bakar, representing S Tradition Pte Ltd.

Ustaz Hamrey Mohamad, representing Masryef Sdn Bhd emphasised, “Hugosave offers innovative financial solutions designed to empower you in achieving your financial goals while adhering to the core of Islamic Principles & Values. With their commitment to Shariah-compliant practices, you can invest with confidence and peace of mind to ensure halal income, insya Allah!”

Since its launch in 2021, Hugosave has been Singapore’s leading Wealthcare companion with more than 70,000 clients optimising their finances and building healthy financial habits through the app.

For more information about Hugosave, please visit www.hugosave.com.

Syahmi Aziz, 34 years old Singaporean, Senior Sales Executive and client of Hugosave, “As a Hugosave client since 2021, navigating rising costs has made me conscious of finding ways to improve and strengthen my financial well-being. I’m excited to hear that Hugosave’s products are now Shariah-compliant as it widens the range of financial tools and investment options available in Singapore that are in accordance with Shariah principles for Muslims This endorsement assures me that Hugosave is not just a reliable personal finance and savings tool but also one that aligns with my faith.”

About Atlas Consolidated Pte Ltd

Atlas Consolidated Pte Ltd was established in December 2019 by financial and technological stalwarts David Fergusson, Karl Franks, Braham Djidjelli and Surya Tamada. Atlas Consolidated holds a Visa Principal Member Issuing Licence, and received licensing approval to operate as a Major Payment Institution [PS20200550] from the Monetary Authority of Singapore in April 2022 and Regulated Precious Metals Dealers Certification [PS20200001983] from the Ministry of Law, Singapore in August 2021.

About Hugosave

Launched in July 2021, Hugosave is Singapore’s first Wealthcare® app and all-in-one personal finance account which aims to elevate lives by helping consumers to spend smarter, save more, and invest diligently, starting with gold. Today, more than 65,000 customers in Singapore are using Hugosave to optimise their finances. Since its launch, the app has won multiple awards including Consumer Finance Product of the Year and Financial Inclusion Initiative of the Year 2023 for Singapore at the Retail Banking Awards 2023 by Asian Banking & Finance.

Hugosave is owned and operated by Atlas Consolidated Pte Ltd and is a certified member of the Singapore FinTech Association. Atlas Consolidated holds a Visa Principal Member Issuing Licence, and received licensing approval to operate as a Major Payment Institution [PS20200550] from the Monetary Authority of Singapore in April 2022 and Regulated Precious Metals Dealers Certification [PS20200001983] from the Ministry of Law, Singapore in August 2021. Hugosave is jointly certified Shariah Compliant by a consortium led by Islamic Finance Singapore, Ustaz Kamal Mokhtar, S Tradition Pte Ltd, and Masryef Sdn Bhd in February 2024.

IFSG is an ecosystem builder dedicated to championing Islamic Finance initiatives in Singapore.

About Ustaz Kamal Mokhtar

He was appointed as a member of the Shariah Committee of Maybank Islamic on 1 September 2015. He graduated from the National University of Singapore (NUS) with a B.Sc. in Zoology and Botany. He obtained his Diploma in Arabic Language from the Islamic University of Medina (Saudi Arabia). Proceeded in the Faculty of Hadith and graduated with a BA (Hons.) in Hadith and Islamic Studies. Additionally, he graduated from the Shari’a Advisory Training Program jointly conducted by the Singapore Islamic Scholars & Religious Teachers Association (PERGAS) and the International Institute of Islamic Finance (IIIF). He holds a Master of Science (Finance) from the International University of Malaysia (IIUM). He is the Chairman of Bedok Cooperative and a Board member of Warees Halal Limited. He serves as a Shariah Committee member for Basil Fund, a private Real Estate Investment fund based in Singapore since 2012 and Shariah Advisor at Ar Rahnu Singapore. Additionally, Ustaz Kamal serves as an Associate Member of the Fatwa Council of Majlis Ugama Islam Singapore (MUIS) to discuss contemporary matters concerning the general Muslim public in Singapore. He is also a member of the Asatizah Recognition Board (ARB) Committee of Future Asatizah of MUIS and PERGAS, a member of the International Union for Muslim Scholars and the Association of Shariah Advisors in Islamic Finance (ASAS).

About Ustaz Zul Hakim Jumat

Zul Hakim Jumat is a seasoned researcher with over ten years of comprehensive academic and professional expertise in the Islamic finance field. As a dedicated researcher at the Center of Islamic Economics and Finance (CIEF), he has notably published co-edited monographs, including “Islamic Finance and Circular Economy” and “Islamic Finance, FinTech, and the Road to Sustainability.” Holding a Bachelor’s degree in Jurisprudence and Principles of Jurisprudence, with an Economics minor from Kuwait University (2015), and an M.Sc. with honours in Islamic Finance from HBKU (2018), he is also an AAOIFI Certified Shari’ah Advisor and Auditor (CSAA). Currently, he is furthering his education through a PhD in Islamic Finance and Economy at the College of Islamic Studies, Hamad Bin Khalifa University (HBKU). Beyond his academic pursuits, Zul Hakim plays a crucial role as the Deputy Managing Director and is one of the founding members of Islamic Finance Singapore Ltd.

About Ustaz Aminuddin Abu Bakar

Aminuddin is currently the Principal Consultant for S Tradition, a boutique consultancy firm in the Islamic Finance industry. He was part of the senior management team for Kuwait Finance House Malaysia (KFHMB), having served as Vice President and Head of its Shariah Division. He holds a degree in Islamic Law (Shariah) from Al-Azhar University (Cairo) and has an International Executive MBA from the University of Strathclyde, UK (with Distinction). He is appointed as a Shariah Committee member for HSBC Amanah (Malaysia) and Financial Shariah Advisory and Consultancy (FSAC) in Singapore. He is a certified Shariah advisor and auditor (CSAA) by the Auditing and Accounting Organization for Islamic Financial Institutions (AAOIFI), a Certified Shariah Advisor and member of the Association of Shariah Advisors in Islamic Finance (ASAS) and a registered Shariah Adviser at Securities Commission Malaysia. He has nearly two decades of working experience in the areas of Shariah, Islamic finance and socio-religious development.

About Ustaz Hamrey

Ustaz Hamrey is a Certified Shariah Advisor & Auditor (AAOIFI) and a Chartered Islamic Finance Professional (INCEIF) majoring in Islamic Finance & Banking and also a graduate of Al-Azhar University, Cairo. He currently serves as a resource person for Islamic Finance Singapore (IFSG) which is a one-stop platform to address any Islamic finance and investment-related needs of the local Muslim community by combining the efforts and strengths of finance professionals and Shariah scholars.

[1] Islamic Corporation for the Development of the Private Sector (ICD) – Refinitiv, Islamic Finance Development Report 2022: Embracing Change, 2022

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11:11 Systems Announces Strategic Partnership with Cato Networks to Deliver SASE Solution for Distributed Enterprises

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New Managed Secure Access Service Edge (SASE) solution combines SD-WAN, cloud-native networking and security capabilities with 11:11’s connectivity, cyber resilience and cloud expertise

SYDNEY, July 22, 2026 /PRNewswire/ — 11:11 Systems, a leading managed infrastructure solutions provider, today announced the global availability of its 11:11 Managed Secure Access Service Edge (SASE) solution and a new strategic partnership with Cato Networks.

11:11 Managed SASE is a fully managed secure connectivity solution leveraging Cato Networks AI-native network security platform. This solution brings together intelligent SD-WAN, cloud-delivered security and global connectivity into a single offering. It enables organisations to simplify and secure access across branch offices, data centres, users and cloud environments, reducing complexity without sacrificing performance or control.

Built on the Cato Networks cloud-native SASE platform, 11:11 Managed SASE combines zero trust network access (ZTNA), firewall as a service (FWaaS), secure web gateway (SWG), cloud access security broker (CASB), advanced threat protection and centralised visibility into a unified managed experience. 11:11 also delivers 24x7x365 monitoring and support, incident management integration and operational accountability to help customers limit vendor sprawl, increase agility and free internal teams to focus on higher-value priorities.

The offering is backed by 11:11’s broader networking, cloud and cyber resilience capabilities. Through its global backbone, carrier-agnostic connectivity options and integrated portfolio spanning cloud, backup, disaster recovery and security services, 11:11 gives customers a practical path to modernise network and security architecture while strengthening resilience across the business.

“Enterprises are under pressure to support users, applications and locations that are more distributed than ever, while limiting complexity and improving security,” said Justin Giardina, CTO, 11:11 Systems. “Our Managed SASE solution provides customers with a unified approach to modernising networking and security, along with the visibility, support and flexibility they need to thrive in a rapidly changing environment.”

According to Karl Soderlund, global channel chief, Cato Networks, “As enterprises move beyond fragmented legacy networking and security stacks, they need a simpler way to gain visibility, context and control across hybrid work environments and reduce the operational burden on IT. Through our partnership, we can address these challenges head on and deliver end-to-end visibility and protection in a single service built for the reality of modern work.”

The joint offering is well suited for distributed enterprises, multi-site organisations, hybrid workforce initiatives, SD-WAN refreshes, security modernisation efforts and businesses with limited IT resources. 11:11 meets customers where they are by supporting existing environments, simplifying multi-vendor operations and serving as a single provider accountable for network, security, cloud and data integration.

This partnership expands 11:11’s Network as a Service portfolio and follows Forrester’s inclusion of 11:11 Systems in its report, “The Secure Access Service Edge Services Landscape, Q1 2026.”

About 11:11 Systems

11:11 Systems is a managed infrastructure solutions provider that empowers customers to modernise, protect and manage mission-critical applications and data, leveraging 11:11’s resilient cloud platform. Learn more at www.1111Systems.com and follow 11:11 on LinkedIn.

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Crowell & Moring Expands Financial Services Group with Former UBS Bank USA General Counsel Cristina Diaz

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NEW YORK, July 21, 2026 /PRNewswire/ — Crowell & Moring has added Cristina Diaz, former executive director and general counsel of UBS Bank USA, and most recently head of legal for UBS’s U.S. Remediation Management Office, to the firm’s Financial Services Group as senior counsel in New York. Diaz brings more than two decades of in-house counsel and law firm experience in bank regulation, compliance, and risk management.

At Crowell, Diaz will counsel banks, fintechs, and digital assets companies on a broad range of bank regulatory matters, including charters and licensing, permissible activities, capital requirements, regulatory enforcement, M&A, and corporate governance. She will also counsel clients navigating the intersection of traditional banking and emerging financial services, including digital assets companies seeking to acquire or establish national banks, and banks exploring partnerships with fintechs and digital assets firms.

At UBS, Diaz advised on the firm’s most pressing regulatory matters, including most recently UBS Bank USA’s charter conversion from a Utah industrial bank to an OCC national bank and key compliance remediations. This work gave Diaz extensive experience navigating relationships with state and federal financial regulators. Earlier in her career, Diaz spent eight years at Davis Polk & Wardwell advising U.S. and foreign banks on bank regulatory matters, M&A, and capital markets transactions.

“Cristina is a highly experienced, solution-oriented attorney who brings deep knowledge in the bank regulatory space. She will be an enormous asset to the firm’s growing regulatory and transactional offerings to banks, digital assets businesses, and fintechs,” said Carlton Greene, Co-Chair of Crowell’s Financial Services Group.

“I am delighted to join Crowell & Moring and integrate my bank regulatory experience with the firm’s nationally-recognized digital assets practice. As traditional banking and emerging financial technologies continue to evolve, clients need actionable and sophisticated legal counsel. Crowell offers the collaborative platform to help institutions successfully execute their growth and compliance strategies,” said Diaz.

Diaz received her J.D. from New York University School of Law, where she was a member of the New York University Law Review, and received her B.A., summa cum laude, from New York University. She is fluent in Spanish.

About Crowell & Moring LLP
Crowell & Moring is an international law firm with operations in the United States, Europe, and MENA. Drawing on significant government, business, industry, and legal experience, the firm helps clients capitalize on opportunities and provides creative solutions to complex regulatory and policy, litigation, transactional, and intellectual property issues. The firm is consistently recognized for its commitment to pro bono service, as well as its comprehensive programs and initiatives to advance the professional and personal development of all members of the Crowell community.

Media Contact:
Email: prteam@crowell.com

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Quantinuum and SoftBank Corp. Publish Joint White Paper on Scaling Practical Quantum Computing Use Cases Toward the Fault-Tolerant Era

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The companies have published a joint white paper mapping commercially relevant quantum computing use cases in quantum chemistry and graph analytics to Quantinuum’s hardware roadmap.The paper provides a framework for assessing how advances in quantum hardware and algorithms, could affect when practical industrial applications become feasible.SoftBank Corp. and Quantinuum will use the roadmap to inform their exploration of future quantum AI data center services and related business models.

TOKYO and BROOMFIELD, Colo., July 22, 2026 /PRNewswire/ — Quantinuum (NASDAQ: QNT) and SoftBank Corp. (“SoftBank”) today announced the publication of “Quantum Computing Frontiers,” a joint white paper that maps two commercially-relevant quantum computing application areas against Quantinuum’s hardware roadmap. The analysis examines how advances in quantum hardware and algorithms could affect when these applications become practical for industrial use.

The paper focuses on two representative application domains that SoftBank is actively using Quantinuum’s systems to research: quantum chemistry for new materials discovery and energy research, and topological data analysis for large-scale graph analytics, including for telecommunications fraud detection. The authors anchor their assessment of the scalability of these two application areas against Quantinuum’s published hardware roadmap, examining how projected advances in hardware capabilities and algorithms may enable the commercial readiness of future industrial applications.

Building on this use-case roadmap, the paper also examines how quantum computing, AI, and high-performance computing could be integrated into future computing infrastructure. It considers how progress across successive hardware generations could inform future quantum AI data center services and related business models, a key focus of the Quantinuum and SoftBank partnership announced last year.

“The key takeaway of this study is that organizations do not need to wait for large-scale, fault-tolerant systems to explore where quantum computing can begin creating value,” said Duncan Jones, General Manager, Applications Group at Quantinuum. “By using today’s systems to develop, benchmark and refine applications in areas such as quantum chemistry and graph analytics, enterprises can build the technical and operational readiness needed for the next era of quantum-enabled computing.”

“The question is no longer whether quantum computing may deliver value, but rather which problem classes become executable at which stage of hardware maturity,” said Ryuji Wakikawa, Senior Vice President & CTO at SoftBank Corp. “However, we believe progress in hardware must be complemented by equally strong developments in quantum algorithms and the integration of quantum systems with AI and high-performance computing.”

The white paper discusses illustrative scenarios describing how representative applications, technology maturity, and potential market opportunities may evolve over time under stated assumptions. The analysis provided in the paper is intended to provide a conceptual framework for understanding potential market evolution and does not represent financial guidance or forecasts. These analyses are intended to support discussion of future technology development and should not be interpreted as commitments regarding commercialization, infrastructure investment, products, services, or financial performance.

The full white paper is available to download on the SoftBank and Quantinuum websites.

About SoftBank Corp.

Guided by the SoftBank Group’s corporate philosophy, “Information Revolution – Happiness for everyone,” SoftBank Corp. (TOKYO: 9434) operates telecommunications and IT businesses in Japan and globally. Building on its strong business foundation, SoftBank Corp. is aiming to activate the potential of AI across its businesses and drive implementation in line with its “Activate AI for Society” growth strategy. While further growing its telecom business, SoftBank is expanding its AI computing infrastructure and AI and Cloud service businesses with the aim of becoming a provider of Next-generation Social Infrastructure. To learn more, please visit https://www.softbank.jp/en/corp/

About Quantinuum

Quantinuum (NASDAQ: QNT) is a leading quantum computing company offering a full-stack platform designed to make quantum computing deployable in real-world environments. The company has commercially deployed multiple generations of quantum systems built on the well-established QCCD architecture, which it has implemented with novel designs and capabilities to achieve the industry’s highest accuracy levels based on average two-qubit gate fidelity.[1] Quantinuum has active engagements with market leaders across pharmaceuticals, material science, financial services, and government and industrial markets. The company has a global workforce of approximately 700 employees, including top scientists and researchers. Over 70% of its technology team holds PhDs or Master’s degrees. Quantinuum’s headquarters is in Broomfield, Colorado, with additional facilities across the United States, United Kingdom, Germany, Japan, Qatar, and Singapore.

For more information, please visit www.quantinuum.com.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. The words “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” the negative version of these words, or similar terms and phrases are intended to identify forward-looking statements. Such statements are based on certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. New factors emerge from time to time, and it is not possible for Quantinuum to predict all such factors. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Quantinuum does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

 

[1] As of December 31, 2025.

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