When we were interviewing Hem Raj Dhakal, it became evident that his journey from humble beginnings to becoming a financial pioneer is a testament to his unwavering determination and innovative spirit. Nepal is heavily reliant on remittance. Until the mid-90s and the early 2000s, the regulatory channel for remittance coming into the nation was vague. In 2001, Hem Raj Dhakal, along with his brother Chandra Prasad Dhakal, ventured into the remittance business by establishing International Money Express (IME). This pioneering venture changed the shape of the industry, creating a formal channel for remittance in Nepal and positioning IME as the country’s first and leading private sector money transferring enterprise.
Early Life and Background
Hem Raj Dhakal was born in Baglung in 1975. “I came from a small village, and my mother and my brother have always been a huge influence on me,” he expresses. As a young man, Dhakal worked in a government job but felt unfulfilled and sought a career that would make a larger impact on people’s lives. He says, “I did not want to work just for me; I wanted to work in a larger space and impact a larger community.” This desire led him to become synonymous with Nepal’s financial sector.
The Birth of IME
Dhakal recalls, “I believe the germination of the business idea and its inception was in 1995 when I was in Japan. But we formally established IME in 2001.” During the initial stages, Dhakal was involved hands-on in all aspects of the business, gaining deep insights into running the company. Establishing IME was challenging, as the concept of private sector remittance was new, and there were legislative hurdles. However, Dhakal’s persistence paid off, and IME quickly became a trusted name in money transfer.
Growth and Expansion
Today, Hem Raj Dhakal holds the position of Managing Director at IME and is a bona fide serial entrepreneur. He is also the Co-Founder and Managing Director of IME Ltd, Chairman of IME General Insurance, Chairman of Hathway Investment Nepal, and Founding Chairman of Chandragiri Hills, among other ventures. Under his leadership, IME Group of Companies has expanded its domestic and global business network, making its presence felt in remittance, banking, insurance, logistics, tourism, automobile, entertainment, and energy sectors.
Challenges and Innovation
Starting IME was not without its challenges. “Basically, there was a risk that this concept would be rejected by the people and the government,” Dhakal explains. The company had to gain licenses and overcome technological barriers, setting up delivery channels nationwide and building trust among customers. Dhakal’s approach to business has always been rooted in innovation. “There is a tendency to practice imitation here, but at our end, we have always believed in innovation,” he states.
Organizational Culture
Dhakal leads multiple organizations within the IME Group and emphasizes the importance of implementing an ideal organizational culture. “During my journey and time abroad, I had the opportunity to observe and learn how international organizations operate,” he expresses. This experience has helped him foster a cohesive and efficient culture within his organizations.
Personal Insights and Achievements
Hem Raj Dhakal is also known for his humility and passion for entrepreneurship. He wanted to become a doctor but life had different plans. His determination and hands-on approach have led him to become a respected figure in both domestic and international business circles. He joined The Entrepreneurs’ Organization (EO), which enabled him to pursue higher studies and courses at prestigious institutions like the Massachusetts Institute of Technology (MIT).
Philanthropy and Community Involvement
In 2009, Dhakal co-founded IME Foundation to support the children of migrant workers who had lost their lives abroad. The foundation provides financial assistance and facilitates education. Additionally, they have rebuilt a school destroyed during the 2015 earthquake and offer scholarships to children every year.
Future Prospects
Dhakal believes in the positive prospects of e-banking in Nepal. “Telecommunication and mobile technology penetration is almost 100%, and internet penetration is increasing every year,” he explains. IME Group’s main target is to establish IME Pay in the market to bring both banked and under-banked populations into the banking system, enhancing lives in rural areas.
Beyond Business
Despite his busy schedule, Dhakal enjoys simple pleasures like playing tennis, meditating, reading books, and spending time with his family. “Tennis has become our family bonding session,” he shares.
Hem Raj Dhakal’s journey from a small village in Baglung to becoming a leading entrepreneur in Nepal is a testament to his determination, innovation, and passion for making a difference. His work with IME and various other ventures has not only transformed Nepal’s financial landscape but also inspired many aspiring entrepreneurs in the country.
