As one of the most innovative approaches in the world of payments and banking, Fintech encompasses a wide range of applications and business models, ranging from mobile banking and insurance to cryptocurrencies and investment applications. It refers to the use of software and digital platforms to provide financial services to consumers, in order to ultimately create benefits by increasing consumer benefits and business opportunities. This sector has experienced great growth after the economic crisis, as barriers to entry into this field have been significantly reduced along with higher inflows of investment capital and the development of new technologies. One of the driving factors is that many traditional banks are proponents and adopters of new technology, actively investing in fintech start-ups and through the digitization of services providing digitally minded customers with efficiency, accountability, and reliability. Countries are investing more and more to make these systems available, but this primarily requires reliable information to benchmark the scene and solid ground on which to base policy. Government needs to have a clear picture of global trends and local supply and demand, as well as understanding of how they can help Fintech to succeed. It is necessary to identify characteristics and emerging areas of innovation considering four attributes essential to a Fintech ecosystem: talent, capital, policy, and demand, and with this framework in place to assess international and regional best practices.
Given that the process of digital transformation in Montenegro is ongoing, the Government has begun to define plans and programs for the improvement of technologies and digital services and tools in the finance sector. In the forthcoming period, Government plans to look at the market, capacities, and opportunities, to intensify the development and progress in this field in order to establish national sustainable digital financing ecosystem that integrate SDG priorities and planning with the governance and market development of digital financing solutions. The COVID-19 crisis has highlighted the additional potential and importance of transformation/digitalization of financing for citizens and businesses. Transformation in the financial sector should be accompanied by the provision of FinTech space as well as the development of a flexible and risk based regulatory approach to FinTech technologies. To achieve this, it is necessary to create the enabling environment for access to affordable financial services and sparking the innovation, at the same time raising awareness of the importance of digitalization in financing sector.
Duties and Responsibilities
Objectives of the assignment:
The objective of the assignment is to do a scoping mission of Fintech potential in Montenegro. The mission should include ecosystem mapping for the development of Fintech services and tools, identify the barriers and risks, capacities, demand and perspectives. The consultant will be responsible to create a roadmap that will include the directions of development, recommendations on an implementable strategy and define activities to achieve results and assess the impact of FinTech development for achieving the SDGs in Montenegro.
Under the direct supervision of UNDP Project Manager and under the guidance of UNDP Governance Team Leader and the Ministry of Finance and Social Welfare, the consultant will perform the following tasks:
• Develop a detail action plan and methodology for a scoping mission of Fintech in Montenegro
• Conduct the assessment of the Fintech ecosystem inclusive of:
o Identify catalytic opportunities for harnessing digitalization in aligning financing with the SDGs inclusive of those are likely to make the biggest impact on the financial services sector in Montenegro
o Showcase the best experiences from the region and the world in FinTech development from the ground
o Provide key findings and recommendations for the development of FinTech in Montenegro which is conducive for achieving the SDGs
o Develop scenarios for Fintech deployment in Montenegro
• List key steps for achieving the digital finance transformation in Montenegro Present the draft analysis and recommendations to Government, UNDP and other key stakeholders to validate the findings
• Prepare Final report on all activities undertaken under this assignment provided, highlighting main results achieved.
It is expected from the consultant to coordinate and implement above mentioned tasks, in order to deliver:
Timing and reporting:
The consultant will work under direct supervision of the UNDP Project Manager and under the guidance of UNDP governance Team Leader and Ministry of Finance and Social Welfare. The consultant will be responsible to prepare the Final report on all activities undertaken under this assignment provided, and it should contain sufficient detail and information that would allow for the appraisal of the effectiveness to date of the assignment’s activities.
Time duration and travel:
The local consultant will be engaged 50 days in the period from September 20 to November 30, 2021. The consultant will work online with anticipated 15 days in Podgorica and in close cooperation with the Ministry of Finance and Social Welfare. The travel costs and Daily Living Subsistence Allowance costs should be included in the lump sum figure.
Required Skills and Experience
Criteria for selection:
Combined Scoring method will be used. When using this weighted scoring method, the award of the contract should be made to the individual consultant whose offer has been evaluated and determined as: (i) responsive, compliant, acceptable, and (ii) having received the highest score out of a pre-determined set of weighted technical and financial criteria specific to the solicitation.
Only offerors obtaining a minimum 490 points for technical criteria will be considered for the financial evaluation. For more information on procurement methodology for Individual Contractors, please refer to Procurement Notice.
Interested applicants are requested to submit their applications by September 12, 2021 by using the Apply now button. The application should contain CV or P11 that can be downloaded at https://www.me.undp.org/content/montenegro/en/home/jobs.html. Please note that UNDP jobsite system allows only one uploading of application document, so please make sure that you merge all your documents into a single file.
Only the short-listed applicants will be contacted and requested to submit a letter of interest including a price quotation indicating the lump sum (in EUR) requested for the work envisaged in the section “Description of Responsibilities”.
|Country:||-- See Job Description|
|Closing date:||September 19, 2021|