Central and Eastern Europe Digital Financial Services and Embedded Finance Europe (IFC-608396)

Countries
  • Poland
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jan 11, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Borrower not available at the time of the snapshot
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 1.83 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 1.83 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 13, 2024

Disclosed by Bank Apr 3, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the Project aims to facilitate uptake in digital financial services and increase access to venture capital / private equity financing to create private investment opportunities in CEE and Caucasus.

The overall focus of the Project in CEE and the Caucasus is to promote financial inclusion and deepening by facilitating investments and growth in digital banking, fintech, EmFi and VC/PE financing through policy and infrastructure level reforms. The project will address the identified gaps in a holistic manner by implementing three components in the selected countries.

Component 1: Legal and Regulatory Framework
i) Comprehensive Regulatory Environment: The project aims to address regulatory gaps and create a tailored framework for digital banks, fintechs, and EmFi players. This entails developing sector-specific policies aligned with international standards/ EU directives project will offer guidance on emerging technologies and ensure compliance with international policies/ best practices. The activities will support harmonization efforts with the EU, foster regional integration, promote competition, and encourage innovation.

Component 2: DFS Infrastructure (Sector Level)
The project will address the gaps in facilitating access to shared infrastructure for DFS players. While some progress has been made in developing digital infrastructure in certain countries, there is still a need for models that ensure interoperability and equal access to infrastructure. By promoting the availability of shared infrastructure, the project will create a level playing field for DFS players and enhance their ability to serve customers effectively.

Component 3: Fintech Ecosystem (Market Level)
Banks can harness the innovative spirit of the fintech ecosystem in the region via strategic collaborations. The project will also support collaboration between the wider financial sector, facilitate engagement between fintechs and the regulator and showcase potential of the regional fintech scene to attract additional funding.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Estimated Total Budget: $1,825,000.00

(Project budget includes all project-funded activities)


Contact Information
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No contacts available at the time of disclosure.

ACCESS TO INFORMATION

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ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works