Local Currency and Capital Markets Initiative: Poland: Feasibility Study on Innovative... Tender

Procurement Summary

Country : United Kingdom

Summary : Local Currency and Capital Markets Initiative: Poland: Feasibility Study on Innovative Technological Solutions in the Polish Financial Markets

Deadline : 27 Jun 2019

Other Information

Notice Type : Tender

TOT Ref.No.: 33500310

Document Ref. No. :

Competition : ICB

Financier : European Bank for Reconstruction and Development (EBRD)

Purchaser Ownership : -

Tender Value : Refer Document

Purchaser's Detail

Purchaser : EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT
Attn: Larissa Gosling One Exchange Square London EC2A 2JN
United Kingdom
Email :goslingl@ebrd.com

Tender Details

Expression of Interest are invited for SRSS: Local Currency and Capital Markets Initiative: Poland: Feasibility Study on Innovative Technological Solutions in the Polish Financial Markets.Single Stage Open Competitive Selection - Request for Proposals

Project Description:

The Ministry of Finance of Poland (the “MoF”) and the Polish Financial Supervision Authority (the “KNF”) have requested support from the European Commission under Regulation (EU) 2017/825 on the establishment of the Structural Reform Programme to provide technical support for: a) the preparation of a feasibility study on innovative technological solutions in the Polish financial markets (the “Feasibility Study”) and its implementation (Assignment 1) and; b) the establishment of a regulatory sandbox and Supervisory Technology (SupTech) (Assignment 2). Both assignments to be referred to as the Project.

The European Commission-s Structural Reform Support Service (the “SRSS”) has agreed to provide technical support to Poland, together with the European Bank for Reconstruction and Development (the “EBRD” or the “Bank”). The Project will be led by the Local Currency and Capital Markets Development (LC2) Team of the EBRD.

The Capital Market Development Strategy which was drafted with the support of the EBRD and the European Commission-s Structural Reform Support Programme and submitted to the Polish Government in 2019, (published on the website of the MoF), identified as one of the top 20 barriers for the Polish capital market the following: “Obsolete core technologies or absence of technology in key segments of the market including no investment in capital market FinTech solutions.”

To compete amongst the top economies in the world and to find a niche allowing its financial market to become internationally competitive, Poland needs to excel on technology, with complementary pro-FinTech legal and regulatory frameworks as well as education systems.

The current use of FinTech in the financial market is relatively low in Poland, especially regarding blockchain solutions, and in comparison to other Central Eastern European countries, like Estonia or Lithuania, partly due to the lack of coherence in how innovation should be treated from a legal and regulatory perspective. New innovative technological solutions are very often outpacing current legal and regulatory frameworks, which translates directly into a need for regulation of aspects of areas that previously have not been recognised by the Polish legal system.

Assignments Description:

The general objective of the Project is to assist the MoF and the KNF respectively to develop innovative technological solutions in the Polish financial market and to identify and remove legal, regulatory and supervisory impediments to its use, especially regarding Distributed Ledger Technology (DLT) and RegTech, as well as establishing a regulatory sandbox and SupTech.
The specific objectives of the Project are to: a) produce a feasibility study and a road map on how Poland can optimise and further develop its financial market using innovative technological solutions and FinTech; b) provide implementation measures (including through legal and regulatory reforms); and c) support the establishment of a regulatory sandbox and SupTech.

The Bank now intends to engage a consulting company (the “Consultant”) to assist and support both the MoF and the KNF with the implementation of the following activities (please note that one team of experts will be working with the MoF for Assignment 1 and one working with the KNF for Assignment 2):


Assignment 1: Fintech Roadmap and implementation - identifying gaps and solutions for addressing such gaps - including through legal and regulatory reform with the Polish MoF and supporting the implementation of the measures identified;

Assignment 2: Support the development of a regulatory sandbox and SupTech with the KNF.

Work of such Teams will be coordinated by the Consultant-s Project Manager.

High Level Terms of Reference (TOR) of the Project can be found here http://www.ebrd.com/documents/procurement/78710-tors.pdf .


Consultant Selection Procedure: Single stage open competitive selection. Interested firms or groups of firms are invited to submit a Technical and Financial Proposal.

Assignment Start Date and Duration: the Assignment is expected to start in July 2019 and has an estimated overall duration of up to 18 months.

Cost Estimate for the Project: EUR 372, 000.00 (exclusive of VAT).

Funding Source: This Project is expected to be funded by the European Commission via the Structural Reform Support Service. Please note selection and contracting will be subject to the availability of funding.

Eligibility: There are no eligibility restrictions based on the consultant-s country of origin.

Consultant Profile: Corporate services are required. The Consultant will be a firm or a group of firms preferably with previous project experience related to:

1. Experience in financial markets legislation and regulation, with vast experience in applications of technology in finance as well as Blockchain technology-s expertise and understanding. The Consultant should also have expertise in FinTech, SupTech and regulatory sandboxes.
2. In-depth knowledge of the Polish legal system and financial instruments legal environment is an advantage, and understanding of new legal and regulatory developments are required.

The Consultant-s expert team is expected to include key experts as follows:

Key Expert 1: Project Manager (to be nominated by the Consultant to coordinate the work on the Project, including between the Teams working on the two assignments)

• Preferably 7+ years of managerial experience with preferably 7+ successfully completed projects for financial sector EU administrations;
• Fluency in English (and preferably in Polish language).

Key Expert 2: Legal and Regulatory Financial Markets Experts
• Preferably more than 10 years of professional experience as a legal and regulatory expert with focus on legislative tools and frameworks supporting financial markets development.
• Good knowledge of the Polish legal environment.
• Proven experience in drafting laws and regulations.
• Master-s degree or equivalent in legal studies.
• Proficiency in written and spoken English language.

Key Expert 3: Pool of Technology Experts in Finance
• 5+ years of consultancy experience.
• 5+ years of experience in business transformation, digital and technology areas.
• 3+ years relevant sandbox AND/OR FinTech AND/OR SupTech AND/OR DLT experience AND/OR RegTech experience.
• 3 + years relevant IoT, AI, machine learning experience;
• Excellent communication, analytical, report writing and presentation skills.
• Proficiency in written and spoken English language.

Submission Requirements: The consultants are now invited to submit a completed Technical and Financial Proposal as per the standard templates and instructions available at this link: http://www.ebrd.com/documents/procurement/single-stage-package.docx.


Interested Consultants should make themselves familiar with these Standard Templates, Standard Instructions and Conditions of Contract in preparation of their proposals.

1. The Technical Proposal shall be submitted in English electronically via eSelection not later than the Closing Date, as one single PDF file. The technical proposal should not exceed 25 pages excluding the Declaration Form and CVs (Form 1- TP 1 and Form 1 - TP 6).

2. The Financial Proposal (Form 2 - FP 1 and FP2) shall be submitted in English separately by email only to the Bank Contact Person. Consultants are reminded of the requirement to ensure the confidentiality of the Financial Proposals.

A Technical Proposal that contains elements of a financial proposal shall be declared non-responsive.

A Financial proposal submitted together with the technical proposals via e Selection shall be declared non-responsive.

Bank Contact Person:
Larissa Gosling
European Bank for Reconstruction and Development
One Exchange Square
London EC2A 2JN
e-mail: goslingl@ebrd.com.

For the avoidance of doubt, technical proposals should be sent through eSelection and NOT to this email address. Financial proposals should be sent to this email address and NOT through eSelection.

Deadline to Submit Clarification Questions: Via e-mail to the Bank Contact Person by 10 June 2019.


Selection Method and Evaluation Criteria:
1. Technical Proposal Evaluation Criteria

(a) Firm's previous project experience in development of innovative technological solutions in financial markets and similar assignments (30%)
(b) Quality of the methodology and work plan proposed for the Assignments (30 %)
(c) CVs of Key Expert (1 Project Manager (10 %)

(d) CVs of Key Experts 2 and 3 (30 %).

The minimum technical score (St) required to pass is 70.

2. Interviews

Following the evaluation under the technical criteria from (a) to (d) inclusive above, up to five firms with a combined score of 70 (%) or above will be invited to interviews. The interviews must be attended by Key Expert 1 and Key Expert 2.

EBRD will advise the Consultant regarding the format (e.g. skype call, meeting in person, conference call etc) and date of the interviews at the time of the invitation. Please note that all and any costs incurred by the Consultant in connection with attendance to interviews shall be borne by the Consultant.

Combined Technical and Interviews Evaluation and Ranking:

The weights given to the Technical (T) and Interview (I) evaluation are:
T = 80 and I = 20

Submissions will be ranked according to their combined technical (St) and interview (Si) scores using the weights (T=the weight given to the Technical; I = the weight given to the Interview; T+I=1) as following: S=St x T% + Si x I%.

3. Opening of Financial Proposals
After the technical evaluation is

Documents

 Tender Notice