In 1998, Mountasser Hachem founded Monty Holding, which has since become a giant in the telco sector, achieving unprecedented global penetration. His first go-to-market company was Monty Mobile, adapting various cutting-edge technologies to provide 4G and 5G wireless solutions and Value Added Services, Messaging, Omnichannel, eSim and many other solutions which have been greeted enthusiastically by markets all over the world.
Today, Hachem is taking a giant leap into Fintech with MyMonty, a digital bank which, in his own words, will soon become the largest digital bank in the world. “In this digital era where everything evolves at a very fast pace, our responsibility is to keep up with the latest trends. We provide state-of-the art solutions in communication and financial services to operators and offer software as an end-to-end solution turning traditional banks, MNOs and startups into digital banks. We also provide them with a banking license as an added value”, he explains.
MyMonty’s Founder and Chairman has a vision that has always been close to his heart: MyMonty represents an opportunity to bring almost 2 billion unbanked people into an uplifted, empowered future. As part of its mission to drive financial inclusion and cater to meet the needs of unbanked, underserved, and unsatisfied communities, MyMonty offers an empowering digital banking experience allowing people to send, receive, or request money, anytime anywhere and without any hidden fees, in an affordable, accessible, and seamless way.
In addition to democratizing access to financial services, the digital era is now in the driving seat of the financial sector, reducing the high dependency on brick-and-mortar branches of traditional banks, as well as the need to simplify highly complex cost structures. Today, MYMONTY.com is live in more than 40 countries where it operates under the umbrella of local banks, and is ready to provide businesses with the needed coverage to launch quickly and easily.
“MyMonty does not only offer a full end-to-end core banking system, it also enables you to be fully digital and go live in your desired market within 90 days,” explains Hachem. “Furthermore, you will be able to scale your business and tap into new territories. MyMonty will help you expand your reach wherever you are in the world thanks to its global connections, hence sparing you the hassle of the first contact and the whole commercial approach. Keep in mind we do the commercial networking on your behalf. Plus, we offer both the solution and implementation, and we only charge you once you go live,” he adds.
Some are still wondering if now is the right time to venture into digital, knowing that in many countries’ central banks and financial regulators still haven’t issued any regulations in this regard; the answer is: Yes… the time for digitization is now!
“It is better to anticipate the need and think about ways to take your services to the customers because the more digital the journey, the higher customer retention and satisfaction. MyMonty offers you the full solution at zero cost for 1000 accounts to be used for testing purposes, so that when you get your license, you will be able to go live immediately. So get your engine warmed up, otherwise, you might lose your market share to digital giants”, states Hachem.
Banking is not the only sector to benefit from fintech solutions. MyMonty can guarantee the sustainability of all MNOs fighting to survive in this very competitive landscape, by helping them reimagine their services and upgrade their offerings, so they can address customers’ needs and expectations. MyMonty can also actively contribute to enhancing their customer experience, helping mobile operators retain their clients and gain their loyalty.
Even though mobile operators hold a real asset in their hands – which is customer data, there are various requirements when it comes to the payment and banking space that remain unfamiliar to most of them. This is where MyMonty steps in, to help them leverage this data and offer an unbeatable customer experience, by providing them with everything they need, and more, to act as a bank and avail a full suite of financial services.
As the world has turned into a global village, the number of expats and citizens holding another passport, or resident permit, is still rising. In the absence of local banks digitizing their services to meet their needs, they are turning to global digital banks. To put this into perspective, the need to access financial services outweighs the security and regulatory aspects raised by central banks, thus heavily impacting local economies and causing major money leakage.
“Countries that are not embracing innovation are missing out on many opportunities. The lack of digital financial facilities is having a major impact on their economy, causing them huge losses”, comments Hachem. “Once customers get used to digital convenience and the luxury of managing their finances wherever they are in the world, they will never accept to go back to the old banking ways, so it’s better to ride the wave now before it’s too late”, he adds.
The clock is ticking. Traditional banks are losing popularity to startups that have already boarded the digital wave and transformed their services to meet their customers’ needs. “You either embrace innovation or lose your market share. And this specifically applies to traditional banks, MNOs, startups, or any financial entity looking to survive in this digital era”, he emphasizes.
Today, MyMonty are ready to lay the foundation for a holistic digital transformation. “I can see the collapse of the banks that are not going digital, coming quickly, as was the case with Nokia”, observes Hachem. The once mighty Nokia didn’t adapt to the market invasion of smartphones in 2011, which drove this multi-billion business to near bankruptcy, because they didn’t acknowledge the digital shift. “You don’t need foresight to avoid a Nokia-type disaster. You just need to know your markets,” Hachem concluded.