Implementation Support to Asia -Pacific Fintech Innovation Challenge

Location : Home based and Malaysia
Application Deadline :19-Jan-19 (Midnight New York, USA)
Type of Contract :Individual Contract
Post Level :International Consultant
Languages Required :
Starting Date :
(date when the selected candidate is expected to start)
Duration of Initial Contract :50 days
Expected Duration of Assignment :12 months


PFIP is organizing a Fintech design challenge to develop and test digital solutions that will address specific challenges faced by PFIP’s partner financial service providers in the Pacific. The design challenge will provide a platform to fintech start-ups and digital innovators from the Pacific, Malaysia and Singapore to develop their ideas into practical solutions and/or customize existing solutions to suit Pacific market requirements. Through an intense 4 to 6 months engagement with these fintech start-ups and by leveraging local partnerships, the Design Challenge will act as a springboard to bring new digital innovations to the Pacific region.

Participating innovators will have an opportunity to develop their ideas/solutions into minimum viable products (MVPs) that would go through testing and iterative improvement and be ready for scale.

PFIP will provide seed funding to promising innovations to customize their solutions to suit specific challenges and will link them to potential implementing partners for ‘live’ market validation. Additionally, we will also offer a tailor-made mentorship program, for up to six months, to fill the market knowledge gaps.

These Terms of Reference (TOR) provide the background information and define the scope, timelines and deliverables for provision of expert technical support during the implementation of PFIP’s Asia-Pacific Fintech Innovation Challenge.

Duties and Responsibilities

Key Activities

Key Deliverables

  1. Pre-launch assessment of interest from fintech community in Malaysia and Singapore

1.1 Firm up the day-to-day working arrangements and scope of joint-activities agreed to between the managements of PFIP and UNCDF Malaysia in implementing the Pacific-Malaysia/Singapore (PAC-MY/SG) Fintech Innovation Challenge

1.1 Workplan with delineation of roles endorsed by PFIP and UNCDF Malaysia.

1.2 Prepare a list of potential fintechs with proven development and deployment experience related to each of the Pacific partner problem statements.

1.2 Long-list of fintechs registered in Malaysia and Singapore with contacts organized by problem statements.

1.3 Undertake a desk review with PFIP and UNCDF Malaysia to short-list the fintechs to meet with.

1.3 Short-list of up to 5 fintechs per problem statement.

1.4 Organize meetings with each selected fintech to brief, encourage and determine their interest in responding to the problem statement. Meetings can be done individually or in groups.

1.4 A list of fintechs that have indicated their interest, together with a summary of feedback on what other support and facilitation is needed to make this a viable proposition for them.

1.5 Determine the level of interest from the fintechs consulted to participate in the challenge and to share the assessment with PFIP and UNCDF Malaysia to facilitate decision making on next steps.

1.5 Assessment of interest presented to PFIP and UNCDF Malaysia.

It is recognized that should the level of interest be lacking, the implementation strategy will have to be revised – including a potential postponement or even cancellation of the challenge.

  1. Announcement of RFP in Malaysia and Singapore

2.1 Work with PFIP’s and UNCDF Malaysia’s Communications Consultant to develop a communications plan to give the challenge  widespread publicity targeting the fintech & digital innovation community.

2.1 Communications plan prepared and RFP well disseminated and covered by relevant news and social media.


2.2 Broadcast to all relevant networks including Fintech Association of Malaysia (FAOM), Singapore Fintech Association (FAS), Fintech News Malaysia/Singapore, Tech in Asia.

2.2 RFP properly documented for procurement purposes.

2.3 Respond to queries in person – including providing technical advise, market insights and information to activate their interest in the challenge.

2.3 Log of fintechs that have made enquiries and the nature of the enquiry.

2.4 Provide procedural and factual information to fintechs on finalizing their proposals – at the request of fintechs.

2.4 Duly completed proposals submitted to PFIP by the closing date.

  1. Short-listing and selection of cohort for each problem statement

3.1 Provide inputs as requested by PFIP to facilitate the selection process. This will include securing additional information and clarifications from selected fintechs as requested by PFIP.

3.1 Properly completed proposals to facilitate informed and timely decisions by PFIP.

  1. Organize bootcamp in Malaysia for selected fintechs

4.1 Identify venue and logistical support for running the 3-day bootcamp in Kuala Lumpur.

4.1 Successful bootcamp held culminating in the selection of the final cohort of fintechs that will enter the acceleration program.

4.2 Contribute to preparation of the bootcamp agenda (including any formal opening/closing). The final agenda will be the responsibility of PFIP. The UNCDF Malaysia Digital Innovation Consultant will provide substantive inputs together with PFIP’s DFS Design and Innovation Consultant.

4.3 Facilitate, with the assistance of UNCDF Malaysia, the travel & participation of Pacific partners and PFIP team in the bootcamp.

4.4 Participate as resource person/mentor during the bootcamp.

4.5 Assist with identifying potential members of the judging panel with UNCDF Malaysia and PFIP.

  1. Acceleration Programme

5.1 Facilitate the participation of the Malaysia/Singapore fintechs to undertake the acceleration programme in the challenge countries – including briefing on local customs, task environment etc.

5.1 Malaysia/Singapore fintechs are well prepared to travel to the challenge countries to begin the acceleration programme.


5.2 Monitor and report to PFIP and UNCDF Malaysia the progress of product development carried out by the fintech in Malaysia and/or Singapore

5.3 Provide on-demand mentoring support to participating fintechs to strengthen/adapt their solution to the local market.

5.2 Fintechs with solutions tailored to the specific needs and conditions of the local market.

5.4 Provide support to organizing the final Demo Day if it is held in Kuala Lumpur.

5.3 Successful Demo Day held with wide media exposure given to the winning fintechs, partners and the joint PFIP- UNCDF Malaysia initiative.


5.5 Work with the UNCDF Malaysia and Communications Consultant (and PFIP Communications Specialist) to provide widespread media coverage of the winners, partners, PFIP and UNCDF Malaysia.

  1. Knowledge management

6.1 Support PFIP’s KM Specialist in creating knowledge products about the Fintech Challenge

6.1 Report on lessons learned submitted to PFIP and UNCDF Malaysia within 30 days from date of the Demo Day.

6.2 Write 2 draft blogs


  • Strong interpersonal and communication skills;

  • Strong analytical, reporting and writing abilities skills;

  • Ability to plan, organize, implement and report on work;

  • Ability to work under pressure and tight deadlines;

  • Proficiency in the use of office IT applications and internet in conducting research;

  • Outstanding communication, project management and organizational skills;

  • Excellent presentation and facilitation skills.

  • Demonstrates integrity and ethical standards;

  • Positive, constructive attitude to work;

  • Displays cultural, gender, religion, race, nationality and age sensitivity and adaptability

Required Skills and Experience

Educational Qualifications:

  • Degree in Economics, Finance, Banking, Business Informatics, Business Administration, Computer Science, or equivalent;


  • At least 7 years relevant and demonstrated experience in digital financial services, working with banks, mobile network operators and/or FinTechs

  • Working experience in Pacific and Asia is desirable

  • Knowledge of and connections in Malaysian and Singaporean Fintech industry

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.

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