The "IC" (Integrated Circuit but often called a "chip") you have been told to be the problem, is a generic diagnosis. There are dozens (or more) of IC's in modern electronic appliances - including your monitor. ICs are what has allowed electronics to become miniaturized as they combine the functions of one or more circuits that may have needed large, bulky, heat producing vacuum tubes to something before that now is the size of a pin head. They look like these:
Drawing of the inside of an I.C. Actual I.C.
ICs come in all sorts of sizes and perform all sorts of different functions. Some are very common and cost significantly less than a dollar, while others are very specialized and cost hundreds or of dollars or more.
Since the power indicator of the monitor is lit, some or all of the power supply circuits are OK. Unfortunately, there are a great deal more circuits inside the monitor - one or more of which have failed.
Your repairer may have not even bothered to diagnose which IC had failed as the prices of monitors have been falling for so long, many people simply replace them with new, thin screen devices instead. If you wish to attempt the repair yourself, you should ask the repairer *which*
IC has failed and then obtain it yourself to for replacement. Without the required knowledge and test equipment, knowing which IC to replace will be impossible to determine.
This is only an overview of the problem your monitor has. You will probably find that repairing the monitor is too time consuming and / or parts and other information about it are too costly or difficult to locate - or both. Good luck to you.