The financial sector in the digital age

2022 07 08 numerique

On Thursday July 7th, the Association Monégasque des Activités Financières (AMAF), in partnership with the Délégation Interministérielle chargé de la Transition Numérique, organized a breakfast at the Novotel on the theme "Digital technology for the growth of Private Wealth Management in Monaco", in the presence of H. E. Pierre Dartout, Minister of State, Jean Castellini, Advisor - Minister of Finance and Economy, Frédéric Genta, Délégué Interministérielle chargé de la Transition Numérique, and the President of the AMAF. E.M. Pierre Dartout, Minister of State, Jean Castellini, Advisor - Minister of Finance and Economy, Frédéric Genta, Interministerial Delegate for Attractiveness and Digital Transition and many local players in the sector.

On this occasion, the Minister of State recalled that the Principality of Monaco has major assets to attract entrepreneurs, investors and foreign residents, including the stability of its institutions, the excellence of its regulatory bodies and the security of its banking activities in accordance with the highest international standards. The Minister of State also emphasized the dynamism and commitment of the financial sector and highlighted the digital acceleration of the sector, which is a real guarantee of the country's attractiveness. "The Government of Monaco stands by all the players in the financial sector, because attractiveness - a strategic pillar of our action - must be achieved through a competitive and secure financial center," declared Pierre Dartout.

The invited experts were able to describe a number of technological initiatives and regulations, from customer relationship management to back-office optimization, compliance and investments, reinforcing a modern, secure and competitive financial services ecosystem. "Digital is at the heart of many of the issues facing our financial center. All our businesses are affected, whether they are front or back office. New technologies such as artificial intelligence, automation and dematerialization are at the service of our demand for excellence," emphasized Etienne Franzi, President of the Monegasque Association of Financial Activities. Finally, Frédéric Genta spoke of the importance for Monaco to develop its attractiveness in order to compete with international financial centers such as Singapore, Luxembourg, or Dubai, and thus continue to shine throughout the world. "The Monegasque financial center is a major attraction for the Principality. Its expertise and quality, particularly in Private Wealth, are two essential strengths for our country. Naturally, digital technology will and must reinforce this excellence."