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

Sovereign Project | 55122-001

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

  • 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
Project Status Active
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 6803-REG: Financial Technology for Regional Cooperation in Central Asia Regional Economic Cooperation 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 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.

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
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 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 -
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 - -
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 17 Jun 2022 9,192.18

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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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

None currently available.


The Access to Information Policy (AIP) 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
Regional Cooperation Analyst (PRC, Mongolia, Pakistan) Individual - Consulting Closed 17 Jun 2022 23 Jun 2022
Regional Cooperation Analyst (Kazakhstan, Kyrgyz Republic, Tajikistan, Uzbekistan) Individual - Consulting Closed 07 Jun 2022 13 Jun 2022
Regional Cooperation Analyst (Azerbaijan, Georgia, Turkmenistan) Individual - Consulting Closed 07 Jun 2022 13 Jun 2022
Regional Cooperation Development Specialist Individual - Consulting Closed 11 May 2022 17 May 2022
Economics Officer Individual - Consulting Closed 12 Apr 2022 22 Apr 2022
Financial Economist Individual - Consulting Closed 07 Feb 2022 13 Feb 2022
Financial Technology Specialist (Fintech for Regional Cooperation: Lessons from Other Regions) Individual - Consulting Closed 03 Feb 2022 09 Feb 2022
Financial Technology Specialist (Fintech Indicator System) Individual - Consulting Closed 03 Feb 2022 09 Feb 2022
National Consultant: Research Analyst (Azerbaijan, Georgia, and Turkmenistan) Individual - Consulting Closed 02 Feb 2022 08 Feb 2022
National Consultant: Research Analyst (People's Republic of China and Mongolia) Individual - Consulting Closed 27 Jan 2022 02 Feb 2022
National Consultant: Research Analyst (Pakistan and Kyrgyz Republic) Individual - Consulting Closed 27 Jan 2022 02 Feb 2022
National Consultant: Research Analyst (Kazakhstan, Tajikistan, Uzbekistan) Individual - Consulting Closed 25 Jan 2022 31 Jan 2022
Financial Technology Specialist (Fintech and Capital Markets Development and Integration in the CAREC Region) Individual - Consulting Closed 12 Nov 2021 18 Nov 2021

Contracts Awarded

No contracts awarded for this project were found


Procurement Plan

None currently available.