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International Consultant to support FinTech scoping in Montenegro
|Location :||Home based and Podgorica, MONTENEGRO|
|Application Deadline :||27-Sep-21 (Midnight New York, USA)|
|Type of Contract :||Individual Contract|
|Post Level :||International Consultant|
|Languages Required :||English|
|Starting Date :|
(date when the selected candidate is expected to start)
|Duration of Initial Contract :||50 consultancy days|
|Expected Duration of Assignment :||September 30, 2021 - November 30, 2021|
UNDP is committed to achieving workforce diversity in terms of gender, nationality and culture. Individuals from minority groups, indigenous groups and persons with disabilities are equally encouraged to apply. All applications will be treated with the strictest confidence.
UNDP does not tolerate sexual exploitation and abuse, any kind of harassment, including sexual harassment, and discrimination. All selected candidates will, therefore, undergo rigorous reference and background checks.
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 look at the market, capacities, and opportunities, to intensify the development and progress in this field in order to establish national sustainable digital financing ecosystem that integrate SDG priorities and planning with the governance and market development of digital financing solutions. 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
Under the direct supervision of UNDP Project Manager and under the guidance of UNDP Governance Team Leader, Ministry of Finance and Social Welfare, and in cooperation with lead expert for FinTech scoping in Montenegro, the consultant will perform the following tasks:
1. Support the development of a detail action plan and methodology for a scoping mission of Fintech in Montenegro;
2. Coordinate FinTech scoping mission to ensure efficient communication and provision of data from target groups, local partners and stakeholders from public administration and private sector;
3. Provide an intensive support in the assessment of the FinTech ecosystem considering local perspective inclusive of:
4. Provide support in a revision of the following segments as related to Fintech in Montenegro: payments, lending, saving and deposits, insurtech, investments management, financial planning and advisory, capital raising, b2b tech providers, market support services, analyse the competitive landscape in each identified category and assess the different business models in operation for each segment;
5. Participate in the development of a Roadmap for FinTech deployment in Montenegro encompassing the following:
6. Provide support in defining key steps for achieving the digital finance transformation in Montenegro;
It is expected from the consultant to deliver:
Timing and reporting:
The consultant will work under direct supervision of the UNDP Project Manager and under the guidance of UNDP governance Team Leader, Ministry of Finance and Social Welfare and in cooperation with lead expert for FinTech scoping in Montenegro. 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 consultant will be engaged 50 days in the period from end-September to November 30, 2021. The consultant will work online with anticipated 15 days in Podgorica and in close cooperation with the Ministry of Finance and Social Welfare and lead expert for FinTech scoping in Montenegro. The travel costs and Daily Living Subsistence Allowance costs should be included in the lump sum figure.
Required Skills and Experience
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 inidividual 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.
Interested applicants are requested to submit their applications by September 19, 2021 by using the Apply now button.
The application should contain a duly completed CV or Personal History Form (P11) that can be downloaded from https://www.me.undp.org/content/montenegro/sr/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 and travel envisaged in the section "Description of Responsibilities".