< Previous MONTY MOBILECOVER STORY | MONTY MOBILE PUSHING THE BOUNDARIES OF TRADITIONAL BANKING IN THE BUSINESS WORLD WHERE CHANGE IS INEVITABLE, MYMONTY’S CEO, MOUNTASSER HACHEM, TRANSITIONS THE BANKING SECTOR FROM CLASSICAL TO DIGITAL BY LARA ABOUELKHEIR COVER STORY 20CEO MIDDLE EAST NOVEMBER 2021MONTY MOBILE NOVEMBER 2021CEOMIDDLE EAST2122 CEO MIDDLE EAST NOVEMBER 2021 COVER STORY | MONTY MOBILE he coronavirus pandemic has rapidly accelerated the rise of the digital age – disrupting industries, transforming the way they operate, and forcing businesses to constantly innovate. Keeping pace with growing digitisa- tion demands of customers and amidst an unstable business environment, Mountasser Hachem, MyMonty’s CEO, looks towards new avenues of growth and untapped opportunities. “Since the financial crisis in 2008 and 2009 and many other occurrences arising around the globe, people started look- ing for different substitutes to rely on. They are even appealing for simple and fast services considering how fast their lives’ rhythm became. An undisputable potential exists in this area and we can all notice it, even at current moments,” shares Hachem. With that, he diversified his business by entering into the fintech space, a sec- tor that is dominating the region. “In the business world, change may be inevitable, however, business growth always depends on strategies and actions you take to achieve it,” he adds. The Europe, Middle East and Africa (EMEA) region saw $39.1bn in fintech investments in the first half of this year, and globally, fintech investments hit $98bn in the first half of 2021, compared with $121.5bn during the entirety of 2020, KPMG research shows. “As the telecommunication indus- try is endlessly evolving and consumer demand is shifting toward competent alternative services, Monty Group was prompted to take initiative to seek new opportunities to fill these trends,” he comments. With traditional communication services experiencing a fundamental shift in favour of digital omnichannel T $39.1BN The value of fintech investments in the EMEA region in the first half of this year, according to KPMG Workforce. Monty Mobile is a key regional and international industry player with 16 worldwide offices and more than 650 employeesNOVEMBER 2021 CEO MIDDLE EAST 23 MONTY MOBILE systems, Monty Group has maintained its competitive edge through extend- ing its portfolio to include a wide range of fintech, data monetisation, IoT and mobile advertising solutions, as well as partnering with global mobile operators, aggregators and enterprises. “Digitisation and digital transition were the main highlights over the past few years, and this phase will continue to be an inflection point to many industries,” says Hachem. The growth of Monty Group As a dynamic CEO in the world of telecom, Hachem has led the growth of Monty Mobile from a single office operation back in 1998 to a key regional and international industry player with 16 worldwide offices and more than 650 employees. With digital banking, the rise in electronic payments, and fintech solu- tions being leading factors in the future of customer finance, Hachem saw a new market opportunity for Monty Group to tap into. “Digital banking is no longer a theoretical concept or an underdeveloped goal. It became part of our daily lives. Nobody will disagree that the bank- ing industry is going through a massive structural change unlike anything ever observed in previous decades,” he says. “New technologies are making a significant impact on traditional banking models, consumers’ expectations, as well as competitors in the marketplace.” “Monty Mobile never stopped looking for new ways to stretch its activities to new markets and expand its global pres- ence,” Hachem adds. With a desire to level up users’ expe- rience with innovative fintech services, Monty Group is continuously expanding its services and introducing a cohort of fintech ventures that aim to fulfil exist- ing market gaps, including its neobank MyMonty, and its payment gateway MontyPay amongst others. “This is a new market and is evolving quickly based on general market and consumers’ demands. In the business world, change may be inevitable. How- ever, business growth always depends on strategies and actions you take to achieve it,” he emphasises. Unlocking opportunities in the fintech scene The MENA’s digital financial services scene continues to evolve, presenting tremendous opportunities for new play- ers to enter the market. Bank branch visits in the UAE have declined by 5 percent compared to last year, while mobile and online banking usage has increased by 10 percent, with 88 percent of customers now willing to open a digital-only bank account, according to BCG’s 2021 Consumer Sentiment Study in Banking study. With that, Hachem is envisioning tremendous growth in this segment with the launch of Monty Finance, a sister company of Monty Mobile and its newest futuristic fintech venture. The online banking platform, set to launch in the European Economic Area by end of 2021 and aiming to go live in the Middle East and Africa during 2022, caters to previously underserved and unbanked communities, offering financial convenience, AI-backed features, and a transparent and empowering digital banking experience. “Our neobank is targeting a huge gap missed by traditional banks through our innovative products that would be placed at the disposal of users to transact worldwide from their homes and without the necessity to access any physical branch.” DIGITAL BANKING IS NO LONGER A THEORETICAL CONCEPT. IT BECAME PART OF OUR DAILY LIVES” Fintech experts. Professionals behind MyMonty believes everyone has the right to have access to basic banking functions and financial services24 CEO MIDDLE EAST NOVEMBER 2021 COVER STORY | MONTY MOBILE Financial inclusion remains at the top of Hachem’s agenda and the wider Monty Group, with MyMonty playing a critical role in ensuring that the world’s mar- ginalised segment is able to access basic financial needs. Around 1.7 billion adults, more than 20 percent of the global population, are ‘unbanked’, according to a report by JP Morgan. Within that demographic, about two-thirds have a mobile phone, providing a vital opportunity for compa- nies to offer app-based banking services for the ‘unbanked’. As countries continue to strengthen their technological infrastructure, Ha- chem believes in the value that digital banking can offer in terms of providing access to financial services and facilitat- ing financial inclusion globally. “MyMonty is ushering in a new chapter of online banking prosperity for all,” says Hachem. “Our success story supports our capabilities and willingness to achieve our vision and work towards making the world a better place, where everyone has access to its basic necessities – as simple as a transactional account, an affordable financial service, and connectivity to the world in a borderless era.” Finding success in a highly dynamic world Being agile enough to cope with the dynamic changes in customers’ expecta- tions is a key success factor, according to Hachem. “One of the real differentiators for the challenger banks has been their agile banking system as compared to legacy systems… they are tailored to cope with consumer needs and their constant be- havioural modifications and our system is dynamic enough to cope with unforeseen future market demands,” he explains. Comprising advanced Artificial Intelligence (AI) features, and unique online user experiences, customers will be empowered to attribute funds to their MyMonty account and use their contact- less cards to transact anywhere in the world, at any time, with extreme ease via the market exchange rate. Through MyMonty, customers will be able to open a paperless account without a minimum amount; physical and virtual payment cards; online bank- ing services; money transfer and remit- Opportunities. Hachem says new technologies are making a significant impact on traditional banking models $121.5BN The worth of fintech investments worldwide in 2020, according to a report by KPMGNOVEMBER 2021 CEO MIDDLE EAST 25 MONTY MOBILE tances; bill payments and many other services. Additional features including loyalty management, AI and digital lending are due to be added as part of the venture’s future plans, as well as an expansion into wealth management, stocks and cryptocurrency. Hachem emphasises the role of part- nerships and cross-sector collaborations in retaining customer loyalty and meeting their ever-changing needs. “Competition in this industry is tight, but the game is changing and customers’ expectations are moving at a faster pace than market offerings – a race always exists to win long-term customer relationship and loyalty,” he says. “Partnerships and cross sector collaboration is a key success factor in today’s business, bringing companies from different field of expertise to offer an unrivalled service. By focusing on functions rather than on a sector on its own, we can leverage on each other’s expertise.” With that, MyMonty is actively seek- ing to collaborate with leading financial industry players to elevate its offerings and share expertise, primarily banks and investors interested in entering the South East Asian, Middle Eastern and African markets who are keen to explore the fintech space. “Offering a stand-alone product or a bouquet of financial products in partner- ships with financial institutions or banks and fintech firms would result in syner- gies on both sides, in term of exceptional quality of service offered from one part, and a very competitive cost from the second part,” Hachem adds. “Partnerships with banks, mobile operators, and other fintech companies would benefit every side of the partner- ship and ultimately our customers.” Acknowledging the differences that exist between the telecom and fintech industries in terms of target markets and overall cultures, Hachem expresses his confidence in Monty Mobile and the new fintech venture being able to combine their strengths to offer new synergies. “There are several areas in which they can collaborate and offer creative and new technologies to the market even though they are so distinct in every aspect. They complement each other,” he explains. The increasing use of the mobile ecosystem placed pressure on network operators, who have been forced to con- stantly repurpose their offerings in line with market demands. With the spirit of cross-sector col- laboration in mind and a drive to offer broader and diversified offerings, Monty Mobile’s Virtual Credit Card (MVCC) was established, which works hand-in-hand with mobile operators to introduce them to the world of fintech. “Credit cards are not new – yet, its modernisation involves setting up an ag- ile technology in partnership with mobile operators,” says Hachem. Looking ahead, Monty Group is an- ticipating an “exciting” product roadmap underpinned by an optimism that the key to progress will remain innovation. “A long list of services and prod- ucts will be rolled out progressively during the coming year… we are cer- tain that this is only the beginning for us,” shares Hachem. “PARTNERSHIPS WITH BANKS, MOBILE OPERATORS, AND FINTECH COMPANIES WOULD BENEFIT EVERY SIDE OF THE PARTNERSHIP AND ULTIMATELY OUR CUSTOMERS” Collaboration. Monty Mobile is working closely with operators, aggregators and enterprises to facilitate the flow of communication across global markets Digital experience. Monty Finance is ushering in a new chapter of online banking prosperity for allHOW TO HIRE A CEO IN A NEW ERA OF WORKPLACE Today’s most successful enterprises have leaders that can simultaneously transform the business, while driving performance. They welcome innovation and change. They’re digitally minded. They’re optimistic and proactive. And, they’re inclusive BY SHANE PHILLIPS LEADERSHIPNOVEMBER 2021 CEO MIDDLE EAST 27 LEADERSHIP ision determines where you go. Strategy determines how you’ll get there. Your leader deter- mines whether you will make it or not. Your CEO is the ultimate expres- sion of your identity, your purpose, and your direction. They are the epitome of your brand. Leadership will make or break the world’s largest corporations, and the world’s strongest countries and finding the right CEO for your organi- sation is critical. In the current millennium businesses have been forced to adapt to unprec- edented levels of volatility as the coro- navirus pandemic has changed the way companies work, customers consume and people interact. Leaders saw their roles expand to meet the challenges at hand. Not only were leaders tasked with guiding their companies through massive market up- heavals, but they also took on a larger role as community leaders, advocating for their employee’s safety and contrib- uting on political and social trends. Today’s CEO is not 2018’s CEO. Cur- rent candidate assessments are funda- mentally flawed as there is no one-size- fits-all approach to finding that ideal fit. Key to success is your CEO’s sense of personal identity, vision for him or herself and their sense of purpose (ie), you may have a very technically strong CEO, however their sense of identity is: “I am not a CEO, I am a CFO and it is time for me to move out of the CEO role. My vision is to repatriate back to London over the next two years….” You can quickly see how this candidate, al- though great on paper, would result in “YOUR CEO IS THE ULTIMATE EXPRESSION OF YOUR IDENTITY, YOUR PURPOSE, AND YOUR DIRECTION” V Building a foundation. Shane Phillips, CEO of the Phillips Group a failed hiring experience. There may not be a one-size-fits- all approach, but there are some core questions you can ask and signs to look out for, which will weed out those unfit for the role. Most boards start CEO interviews with the question: “Tell me about your- self”. This question can actually give the advantage to a fraudster and a phony over a top performer. A top performer will be able to answer questions like: How did you generate NET profit over the last 12 months in your cur- rent role? How will this new organisation gen- erate net profit over the next 12 months? How will it generate more net profit than last year? How will it generate more net profit than the competition?28 CEO MIDDLE EAST NOVEMBER 2021 LEADERSHIP Interviews must embed the vision and strategy of the business at its core, and be tied to the bottom-line performance of the organisation. The Phillips Group looks to understand the vision of the board, the key objectives, and business milestones which must be achieved and then goes ahead and puts together that set of ques- tions which will give you your answers. When interviewing a potential CEO of an organisation, you are measuring their ability to fulfil the vision for your company, therefore finding out whether they are able to assess whether your existing team has the right capabilities and who does not have the capabilities to deliver against what has been envis- aged, is critical. 52% The percentage of Middle East CEOs who said they are “very confident” that their organisation’s revenue will grow on a one-to-three year horizon, according to PwC’s annual CEO survey Finding talent. Each CEO assessment or senior executive assessment must be custom made and tailor builtNOVEMBER 2021 CEO MIDDLE EAST 29 LEADERSHIP Before you can hire you CEO, a board must be clear on a few things: What is currently top priority as a skillset to take your business to the next level? What is your company’s vision? How long do you need your new hire to stay in place for? What is their vision for the company? What does leadership mean to them? These two questions are often never asked. Underpinning the realisation of the vision, is the competencies which are required by the CEO or executive leadership team in order to be success- ful. This will be different for every com- pany, for every business case, for every economic environment. For example, if a company has lost its bottom line due to runaway costs, it will require a very different type of CEO than a company which is looking to take market share and grow top line sales. Each business case requires a dif- ferent type of leadership with a dif- ferent set of competencies. Each CEO assessment or senior executive as- sessment must be custom made and tailor built. This is a bespoke process. References are useless, fraudsters will have great references, they will be sur- rounded by sycophants who work to protect them. Top performers on the other hand, will leave a trail of bodies behind them as they dismantle inefficient structures and fire underperformers. A top per- former can often have a rumour mill following them and haters throwing stones at them. The truth is, interviews are poor in- dicators of performance. Think if Ghandi interviewed for the job of throwing the British out of India, he would have been disqualified at first glance. However, he was the only person for the job. Paradoxically, the reasons you get promoted to a star blazing CEO, is often the same reasons you will get fired. We want innovation, well that means break- ing tradition, we want to beat the market, that means taking new risks, etc. Today’s most successful enterprises have leaders that can simultaneously transform the business, while driving performance. They welcome innovation and change. They’re digitally minded. They’re optimistic and proactive. And, they’re inclusive. *Shane Phillips, CEO of the Phillips Group Executive decision. Each business case requires a different type of leadership with a different set of competenciesNext >