Chaudhary Group focuses on digital and green future in 54th WEF

Nirvana Chaudhary outlines strategic shifts in sustainability and digital banking at the World Economic Forum.

How private sector partnerships can help climate change is amongst the three key issues tackled by Nirvana Chaudhary, Managing Director of Nepal's Chaudhary Group, in the 54th World Economic Forum held in Switzerland.

Chaudhary, who became a Young Global Leader of the World Economic Forum in 2021, highlighted his active participation at the Davos summit, where he had the opportunity to speak on topics such as the future of manufacturing, private sector partnerships and climate change, and the significance of Alpine economies. 

Given Nepal's geographical and environmental significance, Chaudhary's discussions primarily focused on leveraging private sector initiatives to mitigate the effects of climate change, an area of critical importance to the region.

Under Chaudhary's leadership, the Chaudhary Group, known as one of Nepal’s most prominent and influential companies, is steering towards a digital and sustainable future. The company is diversifying its core verticals of FMCG, hospitality, and financial services to include fintech and green energy, marking a shift towards digital innovation and environmental consciousness.

"We are consolidating our businesses and focusing primarily into fintech and renewable energy," Chaudhary stated, underlining the launch of Nepal's first digital bank in December 2021 as a testament to the group's efforts in the fintech sector. 

“So we launched the country's first digital bank in December 2021, which has been very, very successful. And now we're taking it across South Asia. We're also planning to digitise a lot of insurance, investment banking, and wealth management businesses,” he highlighted.

This move, along with the digitization of insurance, investment banking, and the introduction of wallet businesses, positions Chaudhary Group at the forefront of financial technology in South Asia.

Moreover, Chaudhary underscored the group's commitment to renewable energy, particularly hydropower and solar, aligning with Nepal's potential in these sectors. The group's venture into electrical mobility with the launch of electric vehicles further demonstrates its dedication to sustainable development.

In discussing the future, Chaudhary emphasised the group's role in Nepal's economy, noting its significant contributions through tax revenues and employment. 

“The group contributes to over 2% of the total taxes collected in the country. So we are the largest tax contributor in the country. We're also amongst the largest employers in the country,” he said.

Chaudhary also shared personal insights, reflecting on the lessons learned from his family, which has a storied history in business. "The power of humility, understanding the value of money, and the significance of your network," he remarked.