The financial sector in the digital era

SEM Dartout à la conférence ©Direction de la Communication – Manuel Vitali

This Thursday, the Monaco Association for Financial Activities (AMAF), in partnership with the Digital Transition Office, organised a breakfast at the Novotel on the theme of Digital technology: helping to grow private wealth management in Monaco. The event was attended by H.E. Mr Pierre Dartout, Minister of State, Jean Castellini, Minister of Finance and Economy, Frédéric Genta, Country Chief Officer for Attractiveness and the Digital Transition, and numerous local stakeholders from the sector.

The Minister of State noted that the Principality of Monaco had major advantages to help it attract entrepreneurs, investors and foreign residents, including the stability of its institutions, the excellence of its regulatory bodies and banking security that meets the highest international standards.

The Minister of State also emphasised the vitality and commitment of the financial sector and highlighted its digital acceleration, a true mark of the country’s attractiveness.
“The Prince’s Government stands alongside all those working in the financial sector, since attractiveness – a strategic element of our work – must involve a competitive and secure financial industry,” said Pierre Dartout.

The guest experts were able to talk about a series of initiatives and technological regulations, from customer relationship management to the optimisation of back office functions, compliance and investment, strengthening a modern, secure and competitive financial services ecosystem.

“Digital technology lies at the heart of many of the challenges facing our financial industry. All of the functions in our country’s firms are feeling the impact, whether they are front or back office. New technologies such as artificial intelligence, automation and digitisation are benefiting our drive for excellence,” emphasised Etienne Franzi, President of the Monaco Association for Financial Activities.

Finally, Frédéric Genta noted the importance for Monaco of enhancing its attractiveness to compete with international financial centres such as Singapore, Luxembourg and Dubai, and to continue to exert its influence throughout the world. “The Monegasque financial industry is a major asset in terms of the Principality’s attractiveness. Its expertise and standing, particularly in the private wealth sector, are two key strengths for our country. Naturally, digital technology will and must bolster this excellence.”