Established by former IT employee Dibyswory Dhar Dali in 2015, Digital Age Nepal has been developing financial technology (fintech) solutions that monitor transactions at the financial institutions of Nepal. Since its inception, it has developed software for KYC management, screening, customer profiling and fraud detection system (CPFDS) and anti-money laundering (AML), data validation and online accounting solutions. The company currently employs 18 core team members and recently secured an investment pledge of Rs 10 million at CNIYEF Nepal StartUp Fest 2022 organised by the Confederation of Nepalese Industries Young Entrepreneurs Forum. Founder and Managing Director of Digital Age Nepal, Dali spoke with Kiran Lama of The Himalayan Times about her company, women's representation in the IT sector, and the company's plans.
Excerpts:
How did you come up with the idea of providing fintech solutions?
Actually I was an employee at an IT company. Then in 2015 I quit my job and started thinking about starting my own business in Nepal. But I was in a dilemma about which business was suitable for me. While researching, I found out that the Financial Information Unit (FIU) of Nepal Rastra Bank (NRB) had published a notice to banks and financial institutions (BFIs) regarding AML. I found it intriguing and realised there was scope of providing fintech solutions by developing AML software to the private sector. Initially, there were a lot of trials and errors as all the concerned stakeholders - the central bank, BFIs and us - were unfamiliar with the scope and depth of AML. But over the next five years, we have established ourselves as a trusted partner for fintech solutions.
Digital Age Nepal was the only woman-led company to enter the finale of the StartUp Fest 2022. Do you think women are underrepresented in the IT sector?
The presence of women entrepreneurs is gradually growing in Nepal. However, it is rare to find an IT company set up and owned by a woman in Nepal because it's a tough sector compared to others. Running an IT company requires one to have a knack for technology development and upgrade oneself with the advancements in the field. If the government facilitated women with women-friendly policies, ICT literacy, we would see more women IT entrepreneurs in Nepal.
What do you think are crucial elements, especially for women entrepreneurs, to attain success?
There are always challenges in doing business, irrespective of gender. One has to be professional if they want to do business. Expecting special treatment just because one is a woman doesn't work in business. Instead, they should be competitive by delivering quality products by focusing on the norms and values of international standards. Moreover, one has to know the ground reality, especially the financial conditions. Because most entrepreneurs pour in huge investment in the initial phase without proper research, they are unable to sustain their business in the long run. For example, acknowledging my financial status, I set up my office in the basement of my home, and I also handle multiple roles.
How do events like CNIYEF Nepal StartUp Fest benefit a company like yours?
Overall it was a positive experience as we garnered a lot of appreciation, networking opportunities, and widespread recognition. Initially I was unsure of even submitting the application. But then I got over my hesitation, applied, got selected, made it to the finals and received the investment pledge. It's an honour to be the only woman selected in the finale, but I don't think investors expressed interest in my company just because I am a woman. Instead, I believe they liked and have faith in my product. Such fests are beneficial for aspiring entrepreneurs who seek guidance, grooming and investment. At the same time, the morale of the start-up companies got a major boost as the event secured Rs 240 million investment pledge.
What is the next step for the company if the investment pledge is realised?
If the pledge is realised, I'm planning to recruit more manpower. Moreover, we're also planning to expand our product portfolio. Recently we've deployed our services to Myanmar Citizens Bank. Now, with this investment pledge, we're reaching out to other international markets. For that, we're planning to organise a conference, where we will share the information about our products and services with potential clients. Hence, we're also planning to make huge investment in marketing and business development.
A version of this article appears in the print on August 26, 2022 of The Himalayan Times.
