Digital as a growth driver for the Monegasque financial center

2023 06 30 Conference Wealthtech

Last Wednesday, the Interministerial Delegation for Digital Transition and the Monaco Government's Attractiveness Unit, in partnership with the Association Monégasque des Activités Financières (AMAF), organized a breakfast at One Monte-Carlo on the theme: "WealthTech: the new force of digital banking".

The conference was attended by Frédéric Genta, Délégué Interministériel à l'Attractivité et à la Transition Numérique, Etienne Franzi, President of the AMAF, around a hundred local players from the financial sector, including Compagnie Monégasque de Banque and Monaco Asset Management, speakers, and internationally renowned entrepreneurs (Founder of Plug and Play Center, Director of BPIfrance USA).

In his opening remarks, Etienne Franzi reminded the audience that the banking industry was facing major challenges: combining technology, trust and tradition. The AMAF Chairman also pointed out that the majority of Monaco's financial institutions have been supporting and embracing these innovations for several years, across the entire value chain.

The event highlighted the strong impact of new technologies on the financial sector, in particular artificial intelligence, which are playing a major role and revolutionizing all areas of the financial sector: front and back office, customer portfolio management, investment opportunities, compliance and transparency.

The experts present were able to share their experience of the significant advances in the sector's tools and regulations, which are resolutely focused on innovation, and which now enable them to optimize their processes, better manage their customer portfolios or identify fraudulent activities more quickly. With nearly a billion euros in sales by 2023 (source: IMSEE), digital technology is becoming a crucial growth lever for all players, as well as an obligation if they are to remain competitive on an international scale.

In conclusion, Frédéric Genta recalled the strength of the Monegasque financial center and its vital importance to the Monegasque economy. He also stressed that strong collaboration between public and private sector players was essential to further develop the Principality's attractivity.


Photo credit: Conférence Wealthtech ©Direction de la Communication Stéphane Danna