The International Finance Corporation seeks to recruit a firm to conduct an assessment of the legal framework governing digital financial services in the Caucasus (Armenia, Georgia) and Moldova.

The goal is to strengthen the capacity of policymakers, regulators, and supervisors seeking to advance financial consumer protection, particularly for low-income clients, by promoting sound, effective and proportionate regulation and supervision of financial service providers. The goal of the assignment is to assess the state of the digital financial services regulation in the country, identify potential gaps that may prevent implementation of innovative products and services, and possible deviations from the global best practices. The assessment shall be included in a assessment report that provides a 360-degree view on the current DFS regulatory landscape.

Results of the assessment will highlight the priority areas for further improvement and regulatory reforms in the selected countries and prioritize the IFC activities in this domain. The assessment report will also be used as a reference by IFC staff and experts to plan next steps in implementing IFC projects in the region.

The International Finance Corporation seeks to recruit a firm to conduct an assessment of the legal framework governing digital financial services in the Caucasus (Armenia, Georgia) and Moldova.

The goal is to strengthen the capacity of policymakers, regulators, and supervisors seeking to advance financial consumer protection, particularly for low-income clients, by promoting sound, effective and proportionate regulation and supervision of financial service providers. The goal of the assignment is to assess the state of the digital financial services regulation in the country, identify potential gaps that may prevent implementation of innovative products and services, and possible deviations from the global best practices. The assessment shall be included in a assessment report that provides a 360-degree view on the current DFS regulatory landscape

Results of the assessment will highlight the priority areas for further improvement and regulatory reforms in the selected countries and prioritize the IFC activities in this domain. The assessment report will also be used as a reference by IFC staff and experts to plan next steps in implementing IFC projects in the region.

Minimum qualification and key-staff requirements:

Desirable characteristics of the implementing firm/organization are:

 (1) At least ten years of expertise in conducting legal reviews & assessments with a focus on the Caucasus and Moldova;

(2) experience with financial services regulatory best practices worldwide and especially in the European Union; Experience conducting quantitative research

(3) infrastructural capacity to conduct the assessment;

 (4) solid knowledge of the in-scope country is preferable; and

(5) ability and flexibility, if necessary, to make adaptations to implementation approaches during the delivery of the task within the scope of this TOR in consultation with the IFC.

Key staff should include at least a team leader/project manager meeting the following minimum necessary qualifications:

• Practicing lawyer in one of the main in-scope jurisdictions.

• Extensive knowledge of the in-scope jurisdictions financial services market.

• Know the relevant players in the market.

• Familiarity with financial sector development issues.

• Experience with financial consumer protection regulation in the European Union

• Excellent communication skills in both written and oral English, with demonstrated credibility at the senior level and the ability to adapt communication styles to various audiences and diverse stakeholders

• Proactive approach to collaboration and communications with IFC and other partners in all phases of work.