Frédéric Genta: “No attractive country without a strong financial center”

Frédéric Genta

Monaco for Finance met Frédéric Genta, Délégué Interministériel à l’Attractivité et à la Transition numérique, on the occasion of the WealthTech conference, organised by the AMAF and the DITN. “The new force of digital at the service of banking”.

Frédéric Genta, how can digital technology help the banking sector, and finance in general, to thrive?

The Monegasque financial center is a strong economic asset and a major attraction for the country. It attracts both the investors and entrepreneurs who choose Monaco as their home, and the employees and talents who work here.

The world of finance is currently undergoing profound change thanks to digital technology, and in particular artificial intelligence. All aspects of the banking business are being affected, from the back office to the front office, from human resources to prospecting. However, positioning ourselves on these advances is not easy, as it requires internal transformation of investments and collaboration with specialized companies in Monaco and elsewhere. It’s an organizational change, but above all a cultural one. It affects the very way the company is organized and managed. It was therefore important to connect the Monegasque banking world to world leaders in the digital transformation of the financial professions, and to show that this digital transition is indispensable.

This gathering is also an opportunity to showcase Monegasque entities that have transformed and are already benefiting from digital technology.

This type of event is bound to be repeated. What finance and digital technology have in common is that they generate a great deal of added value while consuming very little space. These are therefore very important areas for the country.

The world of finance is currently undergoing profound change thanks to digital technology, and in particular artificial intelligence.

As Délégué Interministériel à l’Attractivité, you take part in international development missions with the MEB and the AMAF. What did you think of the last two missions to Belgium and London? Is the Monegasque marketplace well perceived?

Both trips were a success.

First of all, in terms of results: we succeeded in bringing together nearly 80 influencers who could act as relays for Monaco, and more than 60 high-potential prospects. A dozen of them are now actively setting up in Monaco, and our prescribers regularly contact us with new opportunities.

It’s also a success in terms of image: Monaco speaks with one voice, under the banner of attractiveness. For the first time, the MEB, the AMAF, the Monaco Private Label, Monaco’s ambassadors abroad and the government’s Attractiveness Unit are all working together to promote our country’s assets.

We have also made the observation that foreigners know little about Monaco. AMAF’s presentations are an opportunity to showcase all the Principality’s assets and reassure people about the strengths of its financial center, an essential argument in the decision to set up a family or business in Monaco. Take Singapore, Dubai or Switzerland: no country is attractive without a strong financial center. This is exactly the case for the Principality.

Frédéric Genta
Frédéric Genta © Michael Alesi / Direction de la Communication

Source: Monaco for Finance

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