Regional : Financial Technology for Regional Cooperation in Central Asia Regional Economic Cooperation Countries
The TA will generate policy-relevant knowledge solutions that harness financial technology (fintech) innovations for stronger regional cooperation and integration in the Central Asia Regional Economic Cooperation (CAREC) region. In-depth understanding of fintech, which broadly describes the application of new technologies and data to financial services, especially in the context of regional cooperation among financial systems, will facilitate the devising of policy mechanisms that sustain economic and financial stability and promote financial inclusion.
Project Details
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Project Officer
Lee, Minsoo
Central and West Asia Department
Request for information -
Country/Economy
Regional -
Sector
- Finance
| Project Name | Financial Technology for Regional Cooperation in Central Asia Regional Economic Cooperation Countries | ||||
| Project Number | 55122-001 | ||||
| Country / Economy | Regional Azerbaijan Georgia Kazakhstan Kyrgyz Republic Mongolia Pakistan China, People's Republic of Tajikistan Turkmenistan Uzbekistan |
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| Project Status | Active | ||||
| Project Type / Modality of Assistance | Technical Assistance |
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| Source of Funding / Amount |
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| Operational Priorities | OP2: Accelerating progress in gender equality OP7: Fostering regional cooperation and integration |
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| Sector / Subsector |
Finance / Finance sector development - Inclusive finance Information and communication technology / ICT strategy and policy, and capacity development |
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| Gender | Some gender elements | ||||
| Description | The TA will generate policy-relevant knowledge solutions that harness financial technology (fintech) innovations for stronger regional cooperation and integration in the Central Asia Regional Economic Cooperation (CAREC) region. In-depth understanding of fintech, which broadly describes the application of new technologies and data to financial services, especially in the context of regional cooperation among financial systems, will facilitate the devising of policy mechanisms that sustain economic and financial stability and promote financial inclusion. The TA aligns with the key operational priorities of fostering regional cooperation and integration, and reducing poverty and the gender gap through digital financial inclusion as laid out in the Asian Development Bank (ADB) Strategy 2030. The TA aids the deepening of the finance sector as envisaged in the country partnership strategies of a number of CAREC member countries. The TA also supports the CAREC 2030 strategy cluster on economic and financial stability, as well as the CAREC Digital Strategy 2030 under formulation, which promotes digital connectivity among CAREC member countries. |
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| Project Rationale and Linkage to Country/Regional Strategy | Over the years, Asia and the Pacific has become home to some of the world's most advanced fintech markets, such as the PRC, Australia, Japan, the Republic of Korea, India, and Singapore. Fintech, which broadly describes the application of new technologies and data to the financial services, has been transforming how people and businesses engage with money. Increasingly, fintech tools and innovation are permeating in other aspects of business and society beyond applications in payments, savings, borrowing, risk management, and financial advice, and facilitating rapid shift towards a digital economy. | ||||
| Impact | Economic and financial cooperation and integration in CAREC through fintech innovation and development enhanced |
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| Project Outcome | |
|---|---|
| Description of Outcome | Strategic collaboration among CAREC member countries towards balancing risks and opportunities from fintech development improved. |
| Progress Toward Outcome | |
| Implementation Progress | |
| Description of Project Outputs | Research reports and supporting knowledge products published and disseminated Roadmap for fintech-led regional financial cooperation in the CAREC region formulated Fintech-backed CAREC capital markets forum operationalized Knowledge sharing and policy dialogues on fintech development within the CAREC member countries promoted and strengthened |
| Status of Implementation Progress (Outputs, Activities, and Issues) | |
| Geographical Location | Azerbaijan - Nation-wide; China - Nation-wide; Georgia - Nation-wide; Kazakhstan - Nation-wide; Kyrgyz Republic - Nation-wide; Mongolia - Nation-wide; Pakistan - Nation-wide; Tajikistan - Nation-wide; Turkmenistan - Nation-wide; Uzbekistan - Nation-wide |
| Summary of Environmental and Social Aspects | |
|---|---|
| Environmental Aspects | |
| Involuntary Resettlement | |
| Indigenous Peoples | |
| Stakeholder Communication, Participation, and Consultation | |
| During Project Design | |
| During Project Implementation | |
| Business Opportunities | |
|---|---|
| Consulting Services | ADB will engage consultants following the ADB Procurement Policy (2017, as amended from time to time) and its associated project administration instructions and/or staff instructions. |
| Procurement | Procurement of O365 licenses, and other services such as translation, printing, among others will be based on the ADB Procurement Policy (2017, as amended from time to time) and its associated project administration instructions and/or staff instructions |
| Responsible ADB Officer | Lee, Minsoo |
| Responsible ADB Department | Central and West Asia Department |
| Responsible ADB Division | Office of the Director General, CWRD (CWOD) |
| Executing Agencies |
Asian Development Bank |
| Timetable | |
|---|---|
| Concept Clearance | 10 Aug 2021 |
| Fact Finding | - |
| MRM | - |
| Approval | 12 Oct 2021 |
| Last Review Mission | - |
| Last PDS Update | 12 Oct 2021 |
TA 6803-REG
| Milestones | |||||
|---|---|---|---|---|---|
| Approval | Signing Date | Effectivity Date | Closing | ||
| Original | Revised | Actual | |||
| 12 Oct 2021 | - | 12 Oct 2021 | 31 Dec 2023 | 30 Jun 2024 | - |
| Financing Plan/TA Utilization | Cumulative Disbursements | |||||||
|---|---|---|---|---|---|---|---|---|
| ADB | Cofinancing | Counterpart | Total | Date | Amount | |||
| Gov | Beneficiaries | Project Sponsor | Others | |||||
| 750,000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 750,000.00 | 20 Oct 2023 | 356,249.59 |
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.
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| Title | Document Type | Document Date |
|---|---|---|
| Financial Technology for Regional Cooperation in Central Asia Regional Economic Cooperation Countries: Technical Assistance Report | Technical Assistance Reports | Oct 2021 |
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