Economy: Monaco’s digital engine

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

“Digital, at the service of the growth of Private Wealth Management in Monaco”, was the theme of the meeting, in the presence of Pierre Dartout, Minister of State, Jean Castellini, Minister of Finance and the Economy, Frédéric Genta, Interministerial Delegate for Attractiveness and Digital Transition and many local actors in the field.

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

The terms front office and back office are used to designate the parts of the company dedicated respectively to the direct relationship with the client and to the own management of the company.

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“Digital technology is at the heart of many challenges facing our financial market. All of our business lines are impacted, whether front or back office. New technologies such as artificial intelligence, automation or dematerialization are at the service of our requirements for excellence”, underlined Etienne Franzi, President of the Monegasque Association of Financial Activities.

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