On November 23, the Association Monégasque des Activités Financières (AMAF), chaired by Mr. Etienne FRANZI, presented its members with the latest edition of the Monaco For Finance magazine, in the presence of Mr. Frédéric GENTA, Délégué Interministériel à l'Attractivité et à la Transition Numérique. Bilingual French-English, Monaco for Finance magazine places finance at the heart of Monaco's business activities.
The various contributions to this issue of Monaco for Finance illustrate the dynamism of the Monegasque financial center. "The steady increase in assets entrusted to banks and asset management companies, and the steady improvement in their financial results, aided by the reversal of monetary policies in terms of interest rates, demonstrate this vitality. The Monegasque financial center's excellent performance is all the more remarkable in that it has been achieved against a backdrop of successive crises, and testifies to the attractiveness of the Monegasque territory," declared Mr. Etienne FRANZI. Mr. Frédéric GENTA confirmed the interest of Ultra High Networth Individuals in Monaco as a financial center, and his determination to strengthen the promotion of the financial center abroad.
Gérald MATHIEU, Chairman of the AMAF Promotion Commission, highlighted one of the key trends of the year, detailed by the magazine: the rise of financial technologies, or fintechs. In Monaco, the new digital force is now at the service of finance. Fintech startups have shaken up traditional business models with innovative solutions, from online banking to digital payments. Major financial institutions have continued their efforts to collaborate with these players and enhance their own technological offerings.
Regulation remained a hot topic in 2023. The Association Monégasque des Activités Financières took part in strengthening the Principality's legislative provisions to optimize the tools for Fighting Money Laundering, Terrorist Financing and Corruption (LCB/FT-C).
Another highly topical subject covered in this edition is the environmental social and governance (ESG) issues. AMAF was instrumental in the creation of the Association Monégasque de la Finance Durable (AMFID) with the aim of promoting a sustainable culture in the financial industry in Monaco, notably by facilitating exchanges between ESG correspondents from all its members.
Despite these challenges and rapid changes, the Finance sector has continued to play a crucial role in the Monegasque economy, facilitating the financing of companies and infrastructure projects, and ensuring the development of its customers' assets.