A new ambition: “Monaco for Finance”
To show that it genuinely exists, Monaco’s financial market has to be reactive and imaginative. Its promotion should be encouraged by the creation of a label.
The banking and financial sector is one of the pillars of Monaco’s economy. In this field more than any other the recent financial crisis has unquestionably prompted all countries to undertake a fundamental review of their positioning. The facts show that in a context of stricter regulation it does not pay to aim for deadlock: today one must be imaginative, look for compromise, make constructive proposals…
A competitive environment
Other highly-respected financial centres have already implemented strategies to face up to the new challenges. In a competitive environment it is vital to make use of relationships, acquired skills, reactivity, creativity, even daring. It is for this reason that, some months ago, the AMAF, Monaco’s banking association, set up a joint committee with the Chamber for Economic Development to examine the possibilities for promoting Monaco’s financial market. It seemed relevant, first of all, to make comparisons with our main competitors: Switzerland and Luxembourg in Europe, Dubaï in the Middle East and Singapore in Asia. The aim was to define best practices among the methods and approaches used and determine market segments to be developed. We carried out this study with the help of a team of MBA students from the International University of Monaco. Analysis of the current situation led us to raise the question of the Principality’s image, and particularly that of its banking and financial market. In order to ensure better visibility, one of the approaches examined was that of bringing all the partners in the financial market together under a new label, “Monaco for Finance”.
A promotional mission
While the legal format remains to be determined, the main mission of “Monaco for Finance” would be to promote a strong brand image for Monaco’s financial markets abroad. To get this message across, it would make use of a wide range of means of communication including a web site, the lynch-pin of the whole organization, with links to relevant existing sites: possibility of downloading brochures, documentation, presentations, legal texts, regulations, etc. We should also envisage setting up information booths at international conferences, particularly those taking place in the Principality. We should also look to the social networks such as LinkedIn, Facebook or Twitter, which already play a leading role in communication. This is a long-term project, which entails the use of financial resources. The effort made should be worthy of the ambitions and priorities defined by the financial market, to enable Monaco to play its own individual role in the world of finance.
