Regional: Financial Technology for Regional Cooperation in Central Asia Regional Economic Cooperation Countries

Sovereign (Public) Project | 55122-001

The TA will generate policy-relevant knowledge solutions harnessing the advancement and innovations of financial technology (fintech) for stronger regional cooperation and integration in the Central Asia Regional Economic Cooperation (CAREC) region. The in-depth understanding of fintech especially in the context of regional cooperation among financial systems within the CAREC region will facilitate devising policy mechanisms to sustain economic and financial stability and promote financial inclusion.

Project Details

Project Name Financial Technology for Regional Cooperation in Central Asia Regional Economic Cooperation Countries
Project Number 55122-001
Country Regional
Azerbaijan
Georgia
Kazakhstan
Kyrgyz Republic
Mongolia
Pakistan
China, People's Republic of
Tajikistan
Turkmenistan
Uzbekistan
Project Status Proposed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA: Fintech for Regional Cooperation in CAREC Countries
Technical Assistance Special Fund US$ 750,000.00
Strategic Agendas Inclusive economic growth
Regional integration
Drivers of Change Gender Equity and Mainstreaming
Knowledge solutions
Private sector development
Sector / Subsector

Finance / Finance sector development - Inclusive finance

Information and communication technology / ICT strategy and policy, and capacity development

Gender Equity and Mainstreaming Some gender elements
Description

The TA will generate policy-relevant knowledge solutions harnessing the advancement and innovations of financial technology (fintech) for stronger regional cooperation and integration in the Central Asia Regional Economic Cooperation (CAREC) region. The in-depth understanding of fintech especially in the context of regional cooperation among financial systems within the CAREC region will facilitate devising policy mechanisms to 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 set forth under the ADB's Strategy 2030. The TA aids financial sector deepening envisaged in the Country Partnership Strategies of many CAREC countries. The TA also supports the CAREC 2030's strategy cluster on economic and financial stability as well as the CAREC Digital 2030 under formulation, which promotes digital connectivity among CAREC countries.

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
Outcome Strategic collaboration among CAREC member countries towards balancing risks and opportunities from fintech development improved.
Outputs Research reports and supporting knowledge products published and disseminated.
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 Regional Cooperation and Operations Coordination Div, CWRD
Executing Agencies
Asian Development Bank
6 ADB Avenue,
Mandaluyong City 1550, Philippines
Timetable
Concept Clearance 10 Aug 2021
Fact Finding 03 Mar 2021 to 03 Mar 2021
MRM -
Approval -
Last Review Mission -
Last PDS Update 13 Sep 2021

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Evaluation Documents See also: Independent Evaluation

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Related Publications

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Tenders

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Contracts Awarded

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Procurement Plan

None currently available.