PLANNING A DIGITAL FUTURE

Digitisation has transformed the way industries operate, with businesses now required to innovate constantly. For Mountasser Hachem, CEO and founder of Monty Holding, the leap has been about seeking opportunities in fi ntech with ambitious plans to launch the “world’s largest digital bank”

- AARTI NAGRAJ

If there has been one word that has now become a cliché for discussing the economy during the Covid-19 pandemic, it is arguably ‘digitisation’. The crisis forced companies to innovate and accelerated digital transformation plans. Every sector has had to adapt to changing consumer demands while also ensuring cost efficiencies.

“Digital transition has been the main focus during this past year and will remain a focal point for many industries and businesses in the future,” says Mountasser Hachem, CEO and founder of Monty Holding – the parent company of regional telecoms solutions provider Monty Mobile.

“It helped organisations overcome most of the challenges – not just those set by the pandemic. Without this major development, many companies and even industries would have experienced a distressed period. But the challenge resides in the ability to not just develop digitisation to meet current demands and improve services, but to also keep up with new future trends,” he elaborates.

It is to tap into the future that Hachem has now diversified his business by entering into the fintech space – an industry that is set to take off in the region. According to consultancy PwC, although smartphone penetration is at 96 per cent in the GCC region – well above the global average of 58 per cent, fintech has not developed at a similar pace. However, that is rapidly changing, driven by evolving consumer preferences.