Monaco for Finance: dynamic, coordinated promotion for Monaco's financial market
Bernard Rousselot, President of the Monaco Financial Sector Promotion Commission of the Monegasque Financial activities Association, is thoroughly committed to Monaco for Finance. This web site, whose name eloquently describes its function, is not just another site… An interview with a man of passion and conviction.
His face lights up with enthusiasm: "Monaco For Finance is all about getting together. The name expresses both the place and the purpose which bring together all the financial sector players." And indeed bankers, financial advisors, asset managers, family offices, chartered accountants, lawyers and insurers work together to bring to life a genuine information platform dedicated to the promotion of Monaco as a financial centre.
When asked about the birth of the idea of Monaco For Finance, Bernard Rousselot talks of a vague but constant impression "that we hadn't always tackled everything, coordinated everything, properly. We were always receiving requests from investors asking about the financial market and how to establish in Monaco. Naturally we responded to these requests, but we always wondered whether we had given the best advice, whether we had referred them to all the right people … there are so many of them!"
Pragmatic responses
At a time when competition between financial centres was fierce, the first need was to be present. To build a hub where a large number of answers would already be available, in very practical terms: what are the key figures relating to the market, and who are the players? What products and services are on offer? What about the legal environment? And also, of course, how can one settle in Monaco and organize one's life there? "Monaco has genuine advantages, like for example the climate, or the political stability of a Principality. They are not often foregrounded as they seem quite obvious. However, when it comes to choosing a place of residence offering a quality life-style to their families, these are very important factors for some investors."
While the "glamour" image of the Principality can be an advantage, potential investors have to be made aware that it also a highly-organized place where expertise is often essential and protection of goods and services is not an empty word. The fact that it is an independent state, and also free of debt, is another significant plus point. In strictly financial terms, Bernard Rousselot highlights the evident objectivity of Monaco's financial market: "We sell financial products coming from a large number of countries, and not just our own. We therefore act pragmatically, with no partisan motives, in the interests of the client alone." Telling arguments for the promotion of Monaco as a financial centre.
In a second stage, Bernard Rousselot has much broader ambitions: not just to respond to requests, but use the site to trigger interest. "When you are a recognized web player, you don't know who you are talking to. You post offers, you propose. You don't choose the country where people log on, or the type of questions they ask. During an official visit you go and meet people. The web, in the long run, will show us where we can prospect, in liaison with the Chamber for Economic Development and the consulates." And this brings us back to the main topic, the driving force behind Bernard Rousselot's commitment: synergy. "This site will encourage the emergence of an active community. Not just the people who will be connected, but also our own community, that of all the experts who will coordinate their actions in the interests of the Monaco of tomorrow. This benefits not each individual player, but the financial market in the broadest sense." An enthusiast indeed!
