Fréderic Genta – The Purpose is to have a Real Impact

Secretary of Attractiveness and Digital transformation, Fréderic Genta brings 20 years of experience in both business and public international environments to create a positive footprint and a sustainable future for the Principality.

Monégasque-born, as well as Swiss, Fréderic Genta graduated from Harvard University, a private Ivy League research university in Cambridge, Massachusetts. He has held senior positions within the Monegasque Government and multinational corporations. He has a strong track record in leveraging technology for business and public policy transformation, a perfect knowledge of the financial and investment ecosystems and a first-class experience in representation and governance. Throughout his current position and previous career at Google, Amazon and Orange, he has built partnerships with business executives, public leaders, sovereign wealth funds and industry giants.

How do you see the cultural and business mentality in the USA compared to Monaco?

“I think there is a lot in common between American culture and Monégasque culture.

Firstly, let’s remember that Prince Albert’s mother was American. Thanks to HSH Princess Grace and all the heritage she brought into Monaco, the local culture changed a lot. Also, HSH Prince Albert II himself was partly raised in the USA and knows a lot about that culture and mentality. His Highness is completely fluent in American and Anglo-Saxon culture.

Secondly, there are a lot of policies and innovations connected to today’s need for sustainability that starts in the USA, which is huge, especially in Harvard. In American universities, there is a need for an entrepreneurial mentality and new way of thinking. Monaco has been built by generation of Princes who implemented this entrepreneurial thinking.” 

Can you please give an example of this?

“When we create a new land on the sea like Mareterra, which is a transformational project for Monaco, a beautiful new community of residential, cultural, and recreational spaces (to be finished by 2025), or the reclaimed land of the Fontvieille by the late Prince Rainier III, there is definitely an approach to entrepreneurship spirit.”

As Monaco is the second smallest country in the world and the shortage of land has always created the problem of being extremely densely populated. To combat this chronic problem, Prince Rainier III decided to create new land in the Mediterranean Sea southwest of Le Rocher in 1966. The existence of this new land, Fontvieille, and its many public works projects, relates substantially to the former Prince of Monaco’s reputation as the Builder Prince.

Today, the Sovereign Prince, Prince Albert II, also approved another land extension just a few years ago. The name “Mareterra” is inspired by the two complementary elements of the project: the sea and the land. Developed using pioneering, sustainable building techniques, Mareterra lies at the heart of the Principality’s future growth.

“I wanted this new area to embody the excellence and conviviality which distinguish the Principality of Monaco so well. Mareterra will integrate perfectly with our shoreline, and in a few years will be seen as a natural extension of our territory,” – said HSH Prince Albert II regarding the Mareterra project.

We can witness a constant evolution of the Principality where the next necessary step will be the digital transformation.

“We, Monégasque people, are natural entrepreneurs. When you create the gambling industry in Monaco and the finance industry, now the digital industry, there’s real entrepreneurship,” – says Fréderic. – “I think that city-states that are doing well, such as Singapore, Dubai, Monaco, all have an entrepreneurship mentality, an American entrepreneurship mentality. And that’s why it works, because we have this pragmatic approach, and the fact that the HSH Prince has also an Anglo-Saxon mind for me is key asset for Monaco.”

One of the rarely known facts for foreigners is that the Principality encourages Monégasque children to study abroad and bring back the knowledge and experiences to Monaco. In many cases, Monaco even offers full grants for students to support these studies.

Do you think that your educational background helped you to be appointed to lead Monaco’s digital transition?

“The fact that H.S.H the Prince appointed a graduate from Harvard in His Government shows that His Highness believes in this international and entrepreneurial culture.”

Before returning to Monaco, Fréderic worked and gained invaluable experience in two big technology companies, Amazon and Google. At Google, Frédéric spent over five years as Head of the Retail industry for France and the US. However, in 2018, he decided to return to the Principality with a career change.

What inspired you to pursue a career in public service, particularly in Monaco?

“Firstly, as you may expect, it was not a financial decision. I was fascinated by the idea of having an impact for my home country.

I knew from the companies where I was previously working that digital was going to be life-changing. I foresaw through them that the digital transition is going to touch every single aspect of countries, like education, health, economy, the way we work, the way we live, the way we learn, the way we heal people. So, I was really motivated to bring those skills to the Principality.

The Sovereign Prince entrusted me with a full mission of the digital transformation of the Principality of Monaco, and this impression to have a positive impact was really key for me.”

In March 2018, HSH Prince Albert appointed Frédéric to this new role that was created in the Government. Since then, Frédéric is responsible for all aspects of the Principality’s digital transition, including smart city, e-government, digital security and digital law, and blockchain, innovation, etc., as well as cross-cutting issues such as e-health, e-education and e-communication in collaboration with the relevant departments. He manages a team of more than 300 people.

Frédéric’s first task was to define a vision for the Principality’s digital future, a new form of governance and a structure that will include, specifically, the Government’s five major players in this area (the Digital Advisor, the Department of e-Government and Public Information, the Department of Information Technology, the Monaco Cyber Security Agency and the Department of Electronic Communications).

“The second reason behind my career change was purpose. We are a generation looking to bring change, and we want to put purpose first. Each time we are doing business, we want to make sure it has a purpose. As I see it, there are not many things that have more purpose than serving your own country.

I am Monégasque. I was born and raised in Monaco. My mother is an ambassador for Monaco. My whole upbringing and family heritage gave me a lot of purpose. In 2018, there was a moment where I could use my knowledge and experience to support a higher need.”

How did you adapt to this new career change in your life?

“I love the fact that you can change life, reinvent yourself, put yourself into new challenges and new responsibilities. I was in finance before. Now I’m with the government. It is a completely new life, and I like it.”

How do you envision the future of Monaco’s digital transformation under your leadership?

“To be fair, I really think that it’s about Darwin and evolution. I gave a keynote in Davos, and I gave the same example because I think that city-states and countries, in general, are going to fight for their prosperity, and the fittest will survive.”

Where do you see the winning strategy?

“The fittest will be the one that will be able to live with the machine, that will be able to live with Artificial Intelligence and to master AI in its good ways and bad ways.

I am an optimist and I firmly believe that in the future, Monaco will be able to grow a finance and digital economy that does not require physical space from Monaco. That will enable the country to have some growth without needing additional square metres, without doubling its population. I really see digital and AI being the opportunity for small countries to grow economically with brains and capitals in the world without having physical constraints.”

What are the key initiatives that you set to accomplish to foster innovation and entrepreneurship in the next five years?

“First and foremost, it will be to fully transform and to set an example of how we collaborate with AI. Which means two things. 

First, to make sure that the population is protected from the risk of AI as with the emergence of AI, things are going to change. There will be several risks, such as deep fake relationship hazing, cybersecurity, etc. 

And second, to take all the benefits of AI, which includes better service, new business models to help the banks grow better and offer great services and great investments to make construction more efficient with AI. My vision is to really transform our economy and the way we learn, the way we work with AI. 

When you ask me, adapting the country to AI is the first and foremost thing I want to achieve in the coming years.”

Where is the Government today with AI?

“We have put together all the infrastructures, such as the Sovereign Cloud, the data platform, the fibre, but then we really need to focus on new organizations, new skills, new training to ensure that we all can benefit from AI.”

And what is your second goal?

“The second thing I really want to ensure is that the next generation of entrepreneurs, investors and family office leaders will choose Monaco in a way that was not seen in the previous generation. There is intense competition for those new talents, those in their forties, and we have to make sure it aligns with Darwinism. We have to ensure that Monaco is still suited for those people. That’s the second big challenge.”

Would you recommend Monaco for young entrepreneurs?

“I consider that entrepreneurs are part of the equation, but I am not obsessed with entrepreneurs. I really want the next generation of leaders to come to Monaco, which is a greater merit, including entrepreneurs as well as global business leaders, CEOs, fund managers, artists and sports leaders.”

Do you think Monaco can learn from the private sector?

“I think that what’s interesting about my position is that Monaco is a country, but at the same time has a lot to learn from the private sector. I’m happy to have had a career previously in the private sector because to do this kind of job in a small city-state, you have to understand both the private and public sectors, both international and local dynamics, and both the present and the future. That’s what I’m trying to bring to Monaco.”

What is the best advice you have ever received?

“Well, that’s a tough question. 

One thing that I always received from Harvard was when you receive information, data, an issue, a problem, always think about how it could have an impact and opportunity. 

The more I grow older, the more I believe that there’s a lot when you receive data that can be seen either positive or negative. There is also a lot of emphasis on how the orientation of your mind can help you find opportunities in crisis or difficult times. 

I try each time to say, well, that happened, fine, it means that we have to do things differently and it could be positive. I try to avoid negativism. I have to remember that.”

Frédéric often reminds himself of the story of “The Old Man Who Lost His Horse”, one of the most famous parables from the Huainanzi.

The story is also known as “Bad luck? Good luck? Who knows?” or “Bad luck brings good luck, and good luck brings bad luck” and is well-known throughout the East Asian cultural sphere. It is often invoked to express the idea of “silver lining”.

“I really believe that each situation could have a different impact, especially in the city-states. As a member of the Government, you have to be really aware of finding opportunities, being super pragmatic and opportunistic.”

Talking about finding opportunity, what is the most exciting part of your job?

“To be fair, it’s the ability to design digitally, with attractiveness. A country that is suited for the leaders of the world, for the leading investors. It’s thinking about the competition of city-states. 

How can you create a country that gives exceptional services to the Monégasques, to the residents, to the workers, and with this small size. It is truly exciting to be able to really create something that will be exceptional.”

What strategies do you use to attract foreign investment in terms of this digital transition?

“My mission with attractiveness is to attract foreign investment for everything, not just digital. That’s why I wear two hats. The idea, the priority, is for Monaco to be known. It is really interesting that Monaco is sometimes unknown or sometimes not understood for what it is. That’s why we travel. Last year we visited Switzerland, Sweden, the UK, Belgium to encourage investment and engage with investors and business leaders.”

How do you start such conversations?

“First, I explain what Monaco is and highlight its unique value proposition. Then, I work with all departments of the administration to train and facilitate the welcoming of investment, resulting in quicker responses from civil servants, particularly those who communicate in English. It involves training, welcoming and providing comprehensive digital information online. Additionally, I focus on connecting Monaco’s existing resident investors with potential investors, as our best ambassadors are those already active in Monaco. So, I would say explaining, welcoming and integrating.”

How do you measure the success and impact of Monaco’s digital initiatives?

“We track KPIs monthly, especially focusing on the usage of our digital services. We have 17,000 monthly users of Monapass and 50,000 usages of our digital online services. In the education sector, we have transitioned to zero paper in-class education. We also track the number of medical meetings held virtually.

We measure effectiveness based on usage. I don’t measure by technology, I measure when people are using it. I assess whether people are changing their behaviour, and these statistics are the ones that, for me, prove that our accomplishments have been a great success.

I am particularly proud that since the launch of our new services within the administration, 85% to 90% of tasks previously handled on paper have transitioned to digital platforms, indicating our effective work.”

What advice would you give to other cities or countries looking to embark on a similar journey of digital transformation?

“Firstly, focus on building a strong infrastructure. We created the concept of digital, and we are creating a Sovereign Cloud, etc. It’s like building a house, you need a solid foundation. It starts with robust infrastructure, including 5G, fibre data platforms and so on. 

Secondly, always clarify the purpose of digital initiatives. Whether it’s to reduce costs, improve services, enhance productivity or explore new markets, having a clear understanding of why you are pursuing digital transformation. For example, in Monaco, our digital efforts aim to provide exceptional services and enhance the Principality’s global visibility.”

Do you plan any future financial benefit programs, such as Fonds Bleu?

“Yes, we have confirmed that the Fonds Bleu will last. The Government will communicate the details of its continuation. However, we need to finalize the exact usage of the Fonds Bleu in the future. Nonetheless, there will be more support. We are eager to see how it evolves.”