After a good career in "Les Technos": the management team of Google France, Amazon, Orange, Frédéric Genta was appointed as the inter-ministerial delegate responsible for the digital transition of the Principality of Monaco in 2018. This familiar figure in the banking sector, through his professional experiences at Lehman Brothers and Société Générale, shares his feelings about the digitalisation of the Principality, the cornerstone of Monaco’s recovery.

In just a few months, the lockdown apparently helped to save five years on the development of digitalisation…is that true?

It is in the use of digital tools that the population progressed overall and gained several years. This concerns online shopping, education and training, teleworking… Businesses, like governments, must respond to this new paradigm and bring themselves in line with it. Our country is the perfect example. The government of Monaco distributed 100% of aid to companies online, almost 6,000 remote medical consultations were carried out during the lockdown period. Our online education system satisfied 80% of parents, and we quickly reached over 100,000 visitors on the Covid19.mc website, where the transmission of information about the pandemic was successful. Finally, in public administration, all agents wishing to work remotely now have the means to do so.

Hence the importance of digital technology being included in the recovery plan?

The Prince has identified two priorities regarding the country's digital transition. He wants an even more efficient and resilient state, which provides very effective services to its citizens.
Making digital technology a major focus of the country’s economic recovery is the second priority, to help businesses transform and to attract more digital companies to the country. In the Top Ten listed companies, nine are tech companies. You cannot forget that.

How do you support businesses with their digital transition?

The Blue Fund, one of the four funds provided by the government to support economic players, is worth €20 million, a huge budgetary effort; it will support the digital transformation of businesses, the creation of Monegasque digital platforms, and the launch of a sovereign cloud.
Today, companies in Monaco need to digitise, and to do so they need to develop skills in-house. The Blue Fund will finance training, equipment, and also support for the businesses. Learning to master e-commerce, e-prospecting, e-signatures is a necessity in a digital world.
In addition, the government is mobilising to create Monegasque platforms to meet local needs: home meal deliveries, booking tables in restaurants, carpooling…

Monaco would be "the first country in Europe to launch its sovereign cloud"…

Concretely, the creation of an operator, Monaco Cloud, will enable the distribution of the Monegasque cloud to enterprises. It will be based on Amazon technology but will be managed from Monaco by the Monegasque Digital Security Agency (AMSN).
It will allow them to store their data, to have the most advanced software straight away, with a level of security guaranteed by the AMSN.
Thanks to the storage and computing power of the cloud, Monaco could also become a leading player, particularly in the development of artificial intelligence.

What is the purpose of the Security Token Offering (STO) platform, the blockchain-based fundraising system?

Attractiveness. In partnership with Euronext, the main stock exchange in the euro zone, the platform aims to attract new companies, notably digital ones, to Monaco. Our ambition is to create a hundred jobs each year and thus inject €150 million into the Monegasque economy.

How does it work?

When a company needs funds for its project, it is virtually impossible to access the stock market today. Thanks to a technology based on blockchain, it will ask the Government of the Principality for a visa, which will be granted on criteria of respectability and consistency with the values of the Principality. The company will then be able to issue virtual tokens in exchange for shares. The first visa allocation committee, of which the President of the Monegasque Association for Financial Activities, Mr Franzi, is a member, will take place at the end of September, with the applications selected at the end of the year.
We are looking for “positive” companies, mainly with regard to the environment.

So do Digital technology and Ecology go hand in hand now?

Digital technology can either increase or automate. The Principality has chosen responsible and human digital technology.