Lebanon 2018 | FINANCE | COLUMN

TBY talks to Hassan Mokdad, CEO of FutureCard, on the finance sector.

Hassan Mokdad

How does FutureCard serve the Lebanese market?

Lebanon is a growing smartcards market. We know the figures and how Lebanese banks and financial institutions are addressing the local market; we also look at the regional markets where they are present as affiliates of local banks. For example, Byblos Bank has a presence in Iraq and Sudan, Audi Bank has affiliates in Turkey and Egypt, and BLOM Bank has operations in Cyprus, Jordan, and Romania. The opportunity we see here is not only for the local Lebanese market, but also for the region and Lebanese banks beyond the local market. We have done our commercial due diligence and are now working on a blueprint for the Lebanese market. However, based on the size of the country, we would like this to be a base for expansion into neighboring countries such as Cyprus, Turkey, and elsewhere.

What are your specific targets and what is your timeframe for achieving them?

In Lebanon, we only have a few clients. As a result of international industry mandates, the opportunities here in the cards market and associated services are massive. The market is equipped with the necessary platforms to adopt the mandates. With our experience in NFC and dual interface technology, there is great potential because not all banks have adopted these migrations.