GLOBAL PRACTICES & CROSS-CUTTING SOLUTIONS AREAS
Established in 1944, the WBG is one of the world’s largest sources of funding and knowledge for development solutions. In fiscal year 2015, the WBG committed $60 billion in loans, grants, equity investments and guarantees to its members and private businesses, of which $19 billion was concessional finance to its poorest members. It is governed by 188 member countries and delivers services out of 120 offices with nearly 15,000 staff located globally.
The WBG consists of five specialized institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID).
The global development community is at an auspicious turning point in history. Thanks to the success of the past few decades and favorable economic growth, developing countries now have an unprecedented opportunity to end extreme poverty within a generation. This is the vision of the WBG: to eradicate extreme poverty by reducing the number of people living on less than $1.90 a day to 3 percent by 2030, and promote shared prosperity by fostering the income growth of the bottom 40 percent in every country.
To achieve this vision, the WBG Board of Governors approved a strategy for the organization in 2013. This strategy leverages, for the first time, the combined strength of the WBG institutions and their unique ability to partner with the public and private sectors to deliver customized development solutions backed by finance, world class knowledge and convening services. The strategy has three components: (1) maximizing development impact by engaging country clients in identifying and tackling the most difficult development challenges; (2) promoting scaled-up partnerships that are strategically aligned with the goals; and (3) crowding in public and private resources, expertise and ideas.
The architecture underpinning the strategy and instrumental to its success is an operating model introduced in July 2014 based on fourteen Global Practices (GPs) five Cross-Cutting Solution Areas (CCSAs). Since July 1, 2015 these 14 GPs are organized under 3 Practice Group Vice Presidencies: Sustainable Development (SD); Economics, Finance and Institutions (EFI); and Human Development (HD).
THE ROLE OF THE GLOBAL PRACTICE FOR FINANCE, COMPETITIVENESS AND INNOVATION (FCI) IN THE WBG
As of January 1, 2018, EFI created the Finance, Competitiveness and Innovation (FCI) Global Practice, bringing together Finance and Markets (F&M) and Trade and Competitiveness’ (T&C’s) private sector development specialists. Finance, Competitiveness and Innovation is comprised of about 700 staff working across more than 120 countries. The new Global Practice will capitalize on the synergies between F&M and T&C in fostering private-sector led growth. It will work toward creating an enabling environment in which financial stability, efficiency and firm-level solutions are provided in an integrated way to crowd in the private sector, support the creation of markets, and accelerate equitable growth. FCI also houses the IFC Implementation Units focused on implementing public sector advisory work in support of the finance and entrepreneurship agenda across all six regions.
About one third of FCI professional staff are decentralized to the field working closely with the CMUs and in proximity to clients. FCI professionals also lead or participate in a wide variety of ASA and client advisory work that add to the core expertise delivered to client countries. Knowledge and learning is a central part of the FCI agenda, with work focused on the following thematic areas: (a) Financial Stability and Integrity; (b) Long Term Finance; (c) Financial Inclusion and Infrastructure; (d) Industry Solutions; (e) Firm Capabilities and Innovation; and (f) Climate and Risk Management. FCI will work closely with the other newly formed Global Practice for Macroeconomics, Trade and Investment (MTI) on systematic country diagnostics, country strategies, policy lending and other private sector diagnostics, ASA and lending activities.
The World Bank Group President launched the goal of Universal Financial Access by 2020 in October 2013, and has committed the WBG to enable 1 billion people to be reached with transaction accounts. A cross-WBG virtual team works to initiate, catalyze, support, and monitor WBG and partner actions in line with the 2020 goal.
The Payment and Market Infrastructures Global Solutions Group, better known as Payment Systems Development Group (PSDG), is part of the Global Solutions Team (GST) 2 “Financial Access and Inclusion.” The work of the PSDG encompasses legal and regulatory frameworks, large value payment systems, securities and derivatives settlement systems, central securities depositories, central counterparties, infrastructure for supporting money markets, retail payment systems, Government Payments, International Remittances, Oversight and collaboration frameworks for national payments system. The team provides technical assistance in these areas, supports WBG investment operations
in these areas, participates in assessments against relevant standards as part of FSAP or other exercises, participates in international working groups and fora and participates in developing and review standards in these areas. The team is leading and/or contributing actively to the WBG
commitment of Universal Financial Access by 2020 (UFA 2020) and the 5by5 and “SMART” commitments related to reducing the price of international remittances.The PSDG also leads and convenes global initiatives in the areas of payment and market infrastructures and actively contributes to the knowledge management activities in this space through production of best practices and guidelines; gathering information and statistics on payment system developments on a global basis; and, dissemination of best practices global and regional events. The PSDG collaborates with other Finance and Markets Global Solutions Groups and also other WBG Global Practices.
The Senior Financial Sector Specialist would be part of the Payment Systems Development Group (PSDG) and work closely with the Global Lead Payments and Market Infrastructure, and would report to the Practice Manager as line manager.
Note: If the selected candidate is a current Bank Group staff member with a Regular or Open-Ended appointment, s/he will retain his/her Regular or Open-Ended appointment. All others will be offered a 2 year term appointment.
The Senior Financial Sector Specialist should combine global expertise in payment and market infrastructures (in specific in the areas of legal and regulatory frameworks; large value payments systems; retail payments systems; government payments; oversight frameworks; collaboration
frameworks; the cost of retail payments and/or payment aspects of financial inclusion) with strong experience and engagement at country level.
Responsibilities would include – among others – leading or/and contributing to the following, as TTL, co-TTL, project member, advisor, or reviewer:
• Preparation of specific country and regional diagnostic studies, including management of one or more projects and/or regional payment systems initiatives of the group.
• Preparation of analytical documents describing the benefits that can be obtained through well designed payment systems.
• Implementation of retail payment and government payment reforms, by using the World Bank.
• Guidelines for Government Payment Programs and the CPMI-WBG Payment Aspects of Financial Inclusion.
• Guiding Principles as guiding standards.
• Implementation of surveys and studies on payments behavior and/or the cost of retail payments.
• Preparation of custom tailored implementation strategies to secure efficiencies in the area of payment systems in specific countries by exploiting improvement opportunities and removing constraints.
• Technical assistance missions and lending project preparation and supervision missions.
• Development of financial infrastructure reform agendas in the context of country’s financial inclusion strategies.
• Presentation of findings, analysis, recommendations and information in verbal, written, and
• PowerPoint form, in diverse contexts (including for workshops, seminars, online, and for corporate briefings).
• Participation in international working groups and taskforces on developing best practices / standards; and studying emerging issues in payment and settlement systems.
This post will involve frequent travel.
• A Master’s degree in international development, Finance, or Economics or equivalent.
• Minimum of 8 years of directly relevant experience. Proven technical expertise and leadership is needed for this post.
• Experience with a broad range of Payment and Market Infrastructure policy and technical issues, as evidenced through reports and other outputs.
• Policy, regulatory or supervisory experience, ideally with a financial regulator or ministry of finance would be a strong advantage.
• Core knowledge and experience in the practical application of new technologies in communications, processing and application system architectures – in the area of payment systems and in particular retail payment systems.
• Excellent analytical skills, in-depth understanding of business models behind the different payment instruments and the way to measure the cost of retail payments.
• Specific experience in innovative payment mechanisms and their application to increase financial access/inclusion and the efficiency of payments.
• Exposure to government payment programs and their implications for national payment system efficiency and financial access/inclusion, would be desirable.
• Project design and project management experience including specific experience gained in developing countries and countries in transition and demonstrable skills that facilitate technology based improvements in financial infrastructures.
• Experience in working with and leading dialogue with public authorities for development and implementation of reforms in the area of financial services would be an advantage.
• Experience and demonstrated strong performance (including high quality delivery) with analytical or technical assistance projects.
• A consistent track record of performance with a clear focus on results in a range of country contexts.
• Proven ability to work in teams, as well as in delivering complex analytical and advisory tasks.
• Strong commitment to knowledge-sharing.
• Experience in participating and/or chairing of international working groups.
• Excellent oral and written English language communication skills.
• Fluency in at least another World Bank language is a plus.
• Lead and Innovate – Develops innovative solutions with others.
• Deliver Results for Clients – Achieves results and identifies mission-driven solutions for the client.
• Collaborate Within Teams and Across Boundaries – Initiates collaboration across boundaries and broadly across WBG, and brings differing ideas into the forefront.
• Create, Apply and Share Knowledge – Creates, applies and shares knowledge from across and outside.
• WBG to strengthen internal and/or external client solutions.
• Make Smart Decisions – Recommends and takes decisive action.
• Sector/Network Representation – Demonstrates ability to coordinate, participate in, and act as a catalyst for, strategic cross-sector dialogues within the network, across the country, among Bank colleagues and other development institutions, government, and other organizations.
• Policy Dialogue Skills – Anticipates needs and requests in the field and conducts independent policy discussions with representatives of the government and non-government partners.
The World Bank Group is committed to achieving diversity in terms of gender, nationality, culture and educational background. Individuals with disabilities are equally encouraged to apply. All applications will be treated in the strictest confidence.