Expert for Assessment of the Regulatory Framework for Development of the FinTech industry in Montenegro

Contract

This is a International Consultant contract. More about International Consultant contracts.

Background

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 assess regulatory framework for the development of the FinTech industry in Montenegro, with the with special emphasis to the barriers and gaps that need to be overcome to ensure the development and progress in this field and establish national sustainable digital financing ecosystem that integrate SDG priorities. 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 assess the regulatory framework for the development of the FinTech industry in Montenegro. The mission should include mapping of regulations that directly and indirectly relate to the field of digital financing, extensive analysis and identification of gaps and barriers for the development of Fintech services and tools, and risk identification in terms of non-compliance of the regulatory framework with the market needs. The consultant will be responsible to create a report that will include the key findings and recommendations on the establishment of a regulatory framework that fully regulates the field of digital financing-FinTech, with examples of best practices of the region and the world considering FinTech development for achieving the SDGs in Montenegro.

Job content:

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 the assessment of the regulatory framework for the development of the FinTech industry in Montenegro
• Conduct a desk review of regulations that directly and indirectly relate to the digital financing
• Conduct an extensive analysis and identification of gaps and barriers in the regulatory framework for the development of Fintech services and tools
• Identify risk in terms of non-compliance of the regulatory framework with the market needs
• Identify responsible institutions for the FinTech development and examine their capacities and understanding of the regulatory framework in this area
• Prepare a key findings and recommendations on the establishment of a regulatory framework that fully regulates the field of digital financing-FinTech
• Examine best practices of the region and the world in the harmonization of the regulatory framework in FinTech development considering achieving the SDGs in Montenegro
• Prepare Final report on all activities undertaken under this assignment provided, highlighting main results achieved.

Deliverables:

It is expected from the consultant to coordinate and implement above mentioned tasks, in order to deliver:

• Action plan and methodology for the assessment of the regulatory framework for the development of the FinTech industry in Montenegro
• Desk review of regulations that directly and indirectly relate to the digital financing with an extensive analysis and identification of gaps and barriers in the regulatory framework for the development of Fintech services and tools
• Identified responsible institutions for the FinTech development, their capacities and understanding of the regulatory framework in this area
• Report on key findings and recommendations on the establishment of a regulatory framework that fully regulates the field of digital financing-FinTech, with examples of best practices of the region and the world in the harmonization of the regulatory framework in FinTech development, considering achieving the SDGs in Montenegro
• Presentation of analysis and recommendations to Government, UNDP and other key stakeholders
• Final report on all activities undertaken under this assignment provided, highlighting main results achieved.

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 30 days in the period from March 21 to May 11, 2022. The consultant will work online with anticipated 10 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.

Competencies

• Demonstrates integrity by modelling the UN’s values and ethical standards;
• Promotes the vision, mission and strategic goals of UN/UNDP;
• Displays cultural, gender, religion, race, nationality and age sensitivity and adaptability;
• Ability to lead strategic planning, results-based management and reporting;
• Builds strong relationships with clients, focuses on impact and result for the client and responds positively to feedback;
• Consistently approaches work with energy and a positive, constructive attitude;
• Excellent communication skills, facility in working with teams and capacity to compose clear and readable narrative reports;
• Demonstrates ability to manage complexities and work under pressure, as well as conflict resolution skills;
• Excellent organizational and time management skills;
• Knowledge Management and Learning;
• Shares knowledge and experience;
• Actively works towards continuing personal learning, acts on learning plan and applies newly acquired skills;
• Ability to perform a variety of standard tasks related to Results Management, including collecting of documentation, data entering, preparation of revisions, filling, provision of information;
• Ability to provide input to business processes re-engineering, implementation of new systems;
• Excellent inter-personal and communication skills;
• Ability to work independently and in a team.

Required Skills and Experience

Education:

• University degree in Law or related.

Experience:

• Minimum ten years of working experience in the relevant field
• Proven deep and demonstratable research and/or practical experience in regulatory framework assessment in different fields, including analysis or regulation, capacities, best practices
• Experience in assessing regulations in digital financing – FinTech and/or public finance management will be considered as an advantage
• Experience in working with public administration and knowledge of the organizational arrangement of public sector in Montenegro
• Experience in working with financial industry stakeholders including working groups of public authorities as well as private sector players will be considered as an advantage
• Knowledge regarding trends in digital transformation topics will be considered as an advantage

Language:

• Excellent command of spoken and written Montenegrin/Serbian/Bosnian language
• Excellent command of spoken and written English language.

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.

• Technical criteria weight - 70% (Background and education 10%; Relevant previous experience 20%; Substantial knowledge/Required competencies 30%; Required language 10%);
• Financial criteria weight - 30%.

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.

Application procedure:

Interested applicants are requested to submit their applications by March 16, 2022 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".