In brief

Economy: Monaco’s digital drive

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Communication Department – Manuel Vitali

A breakfast was organised at the Novotel Monte-Carlo to discuss the financial sector in the digital age. 

"Digital technology, serving Private Wealth Management growth in Monaco", was the topic for the meeting, attended by Pierre Dartout, Minister of State, Jean Castellini,  Minister of Finance and Economy, Frédéric Genta, Interministerial Delegate for Attractiveness and Digital Transition and many local stakeholders in the field.

It was an opportunity to describe several technological initiatives and regulations, from customer relationship management to back office, compliance and investment optimisation, strengthening a modern, secure and competitive financial services ecosystem.

The terms front office and back office are used to indicate the parts of the company dedicated to the direct relationship with the customer and to the company's own management, respectively.

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"Digital technology is at the heart of many of the challenges facing our financial market. All the professions in our businesses are impacted, whether they are front or back office. New technologies such as artificial intelligence, automation or dematerialisation are there to serve our demands for excellence," stressed Etienne Franzi, President of the Association Monégasque des Activités Financières (Financial Activities Association).

The Principality wishes to compete with international financial hubs such as Singapore, Luxembourg and Dubai.