fbpx 50374-001: Strengthening Financial Sector Operations in Asia and the Pacific | Asian Development Bank

Regional: Strengthening Financial Sector Operations in Asia and the Pacific

Sovereign (Public) Project | 50374-001 Status: Active

The proposed knowledge and support technical assistance (TA) will support the operational departments expand investment opportunities to DMCs in finance sector development, inclusive finance, and infrastructure finance through demonstrating new solutions with financial innovation, including in new and emerging areas (such as digital, green, disaster risk, Islamic, municipal, and agri-finance) that can be piloted, scaled and replicated.

Project Details

Project Officer
Cipriano, Lisette SDSC Request for information
Country
  • Regional
Modality
  • Technical Assistance
Sector
  • Finance
 
Project Name Strengthening Financial Sector Operations in Asia and the Pacific
Project Number 50374-001
Country Regional
Project Status Active
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 9364-REG: Strengthening Financial Sector Operations in Asia and the Pacific
Technical Assistance Special Fund US$ 500,000.00
Financial Sector Development Partnership Special Fund US$ 750,000.00
TA 9364-REG: Strengthening Financial Sector Operations in Asia and the Pacific (Supplementary)
High Level Technology Fund US$ 500,000.00
TA 9364-REG: Strengthening Financial Sector Operations in Asia and the Pacific (Supplementary)
Republic of Korea e-Asia and Knowledge Partnership Fund US$ 500,000.00
Strategic Agendas Environmentally sustainable growth
Inclusive economic growth
Regional integration
Drivers of Change Gender Equity and Mainstreaming
Knowledge solutions
Partnerships
Private sector development
Sector / Subsector

Finance / Banking systems and nonbank financial institutions - Finance sector development - Inclusive finance

Gender Equity and Mainstreaming Some gender elements
Description The proposed knowledge and support technical assistance (TA) will support the operational departments expand investment opportunities to DMCs in finance sector development, inclusive finance, and infrastructure finance through demonstrating new solutions with financial innovation, including in new and emerging areas (such as digital, green, disaster risk, Islamic, municipal, and agri-finance) that can be piloted, scaled and replicated.
Project Rationale and Linkage to Country/Regional Strategy
Impact Enabling environment to increase investment opportunities in domestic financial markets of DMCs improved through enhanced quality of operational support
Project Outcome
Description of Outcome Capacity of DMCs to promote finance sector development enhanced at the national level
Progress Toward Outcome

Conducted the Second Asia Finance Forum on 8- 10 November 2017 at ADB Headquarters. Conducted the Third Global Infrastructure Forum on 13 October 2018 at Bali, Indonesia.

Pilot projects for MON and GEO have identified service provider and are finalizing service agreement. Identification of development milestone are ongoing.

Implementation Progress
Description of Project Outputs

Pilot projects for investment opportunities in emerging finance sector areas identified

Cross-sector knowledge on financial solutions delivered

Status of Implementation Progress (Outputs, Activities, and Issues)

Output 1: Following the development of a roadmap on digital financial services under TA/9017: Unlocking Innovation for Development,3 the TA has identified the following pilot projects to be conducted: (i) a digital shared platform will be implemented in Mongolia to facilitate the digitization of customer onboarding and loan processing, enabling nonbank financial institutions (NBFIs) to automate and standardize their work flow. The front end will include a digital field application (DFA) on a tablet. It will be used by loan officers or NBFI agents to onboard and process loan applications; (ii) a tablet-based DFA will be implemented for agents, such as agro-product stores, to offer credit to farmers in Georgia. Using DFA, agro-dealers or the bank's desk officers can facilitate loan processing. Customer data will be gathered digitally and fed into a credit-decision tool to approve/reject a loan within 15 minutes of request. Due diligence for participating institutions has been conducted and solutions providers identified. The implementation agreements are being finalized in consultation with CTL, OAI, OGC, PPFD, and relevant operations departments. The Papua New Guinea pilot project is at design stage. The pilot projects in Georgia and Mongolia are expected to commence within the second quarter 2019 and the Papua New Guinea project in the fourth quarter of 2019.

Output 2: The TA supported the conduct of the Second Asia Finance Forum: Fintech and Sustainable Development on 8 10 November 2017 at ADB Headquarters. The event provided valuable insights into themes running from information and communications infrastructure to payment systems and new financial technologies associated with blockchain technology.4 Following that, the Third Global Infrastructure Forum was held on 13 October 2018 in Bali, Indonesia wherein top officials from multilateral development banks and the private sector explored ways to unlock inclusive, resilient, and sustainable technology-driven infrastructure. President Nakao, in a panel discussion with other MDB leaders, expressed optimism about the ability of Asia and Pacific economies to adopt and integrate technology and innovation into the planning, implementation, and management of critical infrastructure. The event has strengthened ADB's reputation in the area of infrastructure finance and provided a solid foundation to continue driving the infrastructure agenda.

Geographical Location Regional
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design

Mission fielded to SRI on 15 -23 March for consultation to explore the feasibility of conducting a pilot project supporting a non-cash payment facility and e-billing system for water supply services in local governments. This will include exploring options for a digital approach of payment through mobile devices or prepaid cards enabling secure, convenient and affordable payment channels that will lower the cost of transactions.

Mission fielded to PNG on 19-22 June 2018 to explore the expansion of a pilot project carried out in 2017 in collaboration with the Bank of Papua New Guinea that integrates biometric authentication and blockchain technology with the objective to expand access to finance and to promote financial and social inclusion, especially to populations in areas with limited access to electricity and Internet.

Follow up mission fielded to PNG on 14-18 January 2019 to discuss possibilities, way forward and issues associated with development of: (i) digital ID regulatory enablement framework; (ii)enabling KYC/e-KYC framework; (iii)alternative solutions to address connectivity gaps to enable access to financial services in remote rural areas; and (iv) regulatory sandbox framework. Cybersecurity considerations, requirements and capacity was also reviewed and discussed.

During Project Implementation

Mission fielded to MON on 22-26 October 2018 to meet Non-Banking Financial Institutions and the selected service provider to identify pilot project preparation and conduct initial interviews with management and key staffs. NBFIs and regulatory authority were also met to seek an understanding of capacity building needs on cloud technology, cyber security and other relevant areas.

Mission fielded to GEO on 25 February-1 March 2019 to finalize pilot project preparation and conduct initial interviews with management and key staffs. Capacity building workshops on cyber security, digital financial solutions, and regulatory sandbox were conducted for beneficiaries to learn comprehensive security policies and procedures and best practices.

Business Opportunities
Consulting Services

Both individual and firm consultants will be engaged under this TA.

With the minor change in implementation arrangement an additional national consultant will be recruited to support pilot projects in Mongolia.

Responsible ADB Officer Cipriano, Lisette
Responsible ADB Department SDSC
Responsible ADB Division SDSC-FIN
Executing Agencies
Asian Development Bank
6 ADB Avenue,
Mandaluyong City 1550, Philippines
Timetable
Concept Clearance 29 Jun 2017
Fact Finding -
MRM -
Approval 30 Aug 2017
Last Review Mission -
Last PDS Update 27 Mar 2019

TA 9364-REG

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
30 Aug 2017 - 30 Aug 2017 31 Dec 2020 - -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
1,250,000.00 1,000,000.00 0.00 0.00 0.00 0.00 2,250,000.00 30 Aug 2017 961,252.34

Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

The Public Communications Policy (PCP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.

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In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.

Safeguard Documents See also: Safeguards

Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.

Evaluation Documents See also: Independent Evaluation

None currently available.

Related Publications

Title Document Type Document Date
Cloud-based Core Banking in the Philippines Brochures and Flyers Apr 2019

The Public Communications Policy (PCP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

Requests for information may also be directed to the InfoUnit.

Tenders

Tender Title Type Status Posting Date Deadline
Auditor Individual - Consulting Closed 09 May 2019 15 May 2019
Cloud-based Accounting Expert Individual - Consulting Closed 09 May 2019 15 May 2019
Impact Evaluation Expert: Financial Inclusion  Individual - Consulting Closed 04 May 2019 10 May 2019
Cybersecurity expert Individual - Consulting Closed 06 Apr 2019 12 Apr 2019
Project Coordinator Individual - Consulting Closed 15 Jan 2019 21 Jan 2019
Digital financial technology services expert Individual - Consulting Closed 02 Jun 2018 08 Jun 2018
Strengthening Financial Sector Operations in Asia and the Pacific Firm - Consulting Closed 12 May 2018 15 Jun 2018
Legal Specialist, National Individual - Consulting Closed 19 Apr 2018 02 May 2018
Research Associate Individual - Consulting Closed 26 Jan 2018 01 Feb 2018
Shared Platform Coordinator Individual - Consulting Closed 18 Nov 2017 24 Nov 2017
Manuscript Editor Individual - Consulting Closed 05 Sep 2017 11 Sep 2017
Finance Sector Expert Individual - Consulting Closed 05 Sep 2017 11 Sep 2017
Visual Communications Expert Individual - Consulting Closed 02 Sep 2017 08 Sep 2017
Project Coordinator Individual - Consulting Closed 29 Aug 2017 04 Sep 2017
Research Assistant Individual - Consulting Closed 29 Aug 2017 04 Sep 2017

Contracts Awarded

Contract Title Approval Number Contract Date Contractor Contractor Address Executing Agency Contract Description Total Contract Amount (US$) Contract Amount Financed by ADB (US$)
Capacity Development Technical Assistance 9364 01 Oct 2018 TRPC PTE LTD(SINGAPORE) 3 Padang Chancery, Singapore 307878 Singapore Asian Development Bank Consulting Services 247,844.00