The Monegasque financial landscape is made up of credit institutions and financial services companies. The presence of large foreign bank and finance industry groups with a wide range of nationalities make Monaco a resolutely international market.
Monaco's financial marketplace dates back to the end of the nineteenth century, when the first deposit banks opened in the Principality. Most of these banks were French.
However, the financial industry did not really take off until the 1970s, when expansion was stimulated by an imaginative and active policy on the part of the public authorities and by the effect of a long period of economic growth and political and social stability.
Today, Monaco has a very extensive banking network, comprising around forty full service banks. The banking and finance industry is now one of the strengths of the Principality’s economy.
Monaco is an extremely prosperous jurisdiction. The total asset has been multiplied by 3 in 15 years to reach 140 billion euros.
Strong data protection regulation monitored by a local regulator, the Commission de Contrôle des Informations Nominatives (CCIN).
Monaco's continued attraction as a financial center is not surprising in light of its wide range of exceptional advantages that include:
- high quality infrastructure and dedicated professionalism,
- a diversified economic base
- an attractive tax regime
- Well placed geographically and between time zones
- Excellent customer protection through strong regulation