The digital economy is growing rapidly in Monaco. Frédéric GENTA, the Country Chief Officer for Attractiveness and the Digital Transition, explains the link between digital technology and attractiveness to promote the Principality’s development…
Is digital technology a new factor in the Principality’s attractiveness?
Attractiveness is the foundation of the Principality’s economic model. Our development is inextricably linked to our ability to attract residents, entrepreneurs, and talented individuals, and digital technology is a key component of this work. It makes it possible to promote the Principality all over the world, improve the welcome we offer to talented people and develop, at exponential pace, high-value-added activity within just a very few square metres. Digital technology is a prerequisite today, but it is not enough. It offers the standards that our future residents and investors are seeking: a connected world, digital services helping to optimise education and health. Digitalisation makes the economy more robust and more resilient, creating jobs and added value. It is vital to the success of companies.
The digital economy in Monaco
- +800 million euros of revenue
- +2,000 jobs
Blue Fund: support fund intended to promote economic recovery through digital technology
- +500 projects supported in one year
- +400 jobs created
- every euro invested creates 8 euros in value
The Sovereign Cloud was launched last October in Monaco, the first European country to have its “own” cloud. What advantages does it offer?
The cloud is very recent. We set it up extremely quickly, for a reasonable budget. The audit underway with the Monaco Cyber Security Agency will demonstrate the level of security in line with the leading standards in this area. Currently, the cloud has around 15 clients, including some very prestigious names such as the top cruise agency Cruiseline. The cloud will offer a wide range of services including electronic signature, a digital safe, messaging and payment solutions, etc. The Monegasque ecosystem is working well: Monegasque companies are working to make the “move to the cloud”, in other words they are planning to transfer their data to the sovereign cloud. By the end of the year, the Government will have transferred 20% of its data to the cloud, with almost everything scheduled to be moved across by the end of 2024.
The cloud is a strategic success, an economic success and a success in terms of sovereignty.
And for the financial sector too?
Banks are a factor in our core attractiveness. For the type of residents that Monaco is hoping to attract, private banking is critical. It is therefore vital that the banks are able to offer a first-class digital experience to their clients. We have therefore introduced tools for them to use: the digitisation of archives, for example, which frees up space and was one of the things that the Monaco Association for Financial Activities (AMAF) wanted. More broadly, the AMAF is a key partner in the attractiveness policy, a priority for the Government, and we have a very positive relationship with the organisation’s board.
Is it conceivable that Monaco could be Europe’s first smart city?
Every smart city is born out of a search for solutions to a specific problem facing the city.
Here in Monaco, we have the issue of mobility which is associated with our attractiveness. Several things have already been done. Monapass encourages soft mobility, delivery spots can be visualised thanks to sensors which detect when the spot is available. We have strong ambitions in terms of smart urban development. Making Monaco a leading smart city when it comes to mobility is possible, and it is a goal which is shared with the Ministry of Public Works, the Environment and Urban Development.