The Culture

How Digital Is Driving Private Wealth Management Growth In Monaco

January 31, 2023
How Digital Is Driving Private Wealth Management Growth In Monaco

On Thursday, the Monegasque Association of Financial Activities (AMAF), in partnership with the Interministerial Delegation in charge of Digital Transition, organized a breakfast at the Novotel. With the theme “Digital at the service of growth in Private Wealth Management in Monaco,” attendance included minister of state Pierre Dartout, minister of finance and economy Jean Castellini, Country Chief Officer for Attractiveness and Digital Transition Frédéric Genta, as well as other prominent locals working in the sector.

Genta, who previously told, “There is a lot at stake. Considering how small Monaco is as a country, in the digital world we have no size constraints,” made reference to the importance of competing with international financial centers such as Singapore, Luxembourg or Dubai. “The Monegasque financial center is a major asset of attractiveness for the Principality. Its expertise and quality, particularly in Private Wealth, are two essential strengths for our country. Naturally, digital will and must reinforce this excellence.”

Meanwhile Dartout pointed out that Monaco has major assets to attract entrepreneurs, investors and foreign residents, including stability of financial institutions, the excellence of the regulatory bodies and the security of banking activities that meet the highest international standards.

The minister of state also underlined the dynamism and commitment of the financial sector and highlighted its digital acceleration, a true guarantee of the country’s attractiveness.

"The Prince’s government is alongside all the players in the financial sector, because attractiveness—the strategic pillar of our action—must go through a competitive and secure financial center,” Dartout stated.

Invited experts were able to describe a number of technological initiatives and regulations, from customer relationship management to back-office optimization, and from compliance and investments to strengthening a modern, safe and competitive financial services ecosystem.

“Digital technology is at the heart of many issues facing our financial center,” said AMAF president Etienne Franzi. “All the professions in our houses are impacted, whether they adapt to the front or the back office. New technologies such as artificial intelligence, automation or dematerialization serve our demand for excellence.”

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