On Wednesday 9 September, the Prince’s government outlined the digital part of its economy recovery plan, including the creation of “Monaco Cloud”, the Principality’s own autonomous cloud service.
“No country can turn its back on technology,” declared Prince Albert on 9 September as he unveiled Monaco’s digital recovery plan. Monaco’s digital transformation is centred around three main axes.
Monaco cloud and technology fund
- A “Sovereign cloud” will be set up and supplied by Amazon AWS services. The Principality aims “to create a high standard Monegasque digital ecosystem that is as accessible as other large international cloud platforms”. All data will be stored in Monaco and will be subjected to “monegasque laws”. Data will be safeguarded by the Monegasque Agency for Digital Security and will be managed by the Monaco Cloud company.
- A “Blue Fund” has been created to help Monaco’s firms with digital business transformation. Worth 20 million, the fund will go towards training, equipping and supporting companies with their digital transition. It will also fund the creation of e-commerce, payment platforms and of services on the sovereign cloud.
- A STO (Security Token Offering) platform will be created in hope of attracting new digital companies to Monaco. The long-term objective is to reach “the creation of 100 new jobs a year” and to inject “150 million into Monaco’s economy”.
The recovery plan will be implemented by Extended Monaco, the government funded body responsible for Monaco’s digital transformation. Overseeing the digital recovery plan is Frédéric Genta, ministerial delegate in charge of Monaco’s Digital Transformation. Over 200 collaborators are also involved in the task.