Ref.
2026/ETFPBTAAEOFF/15814
Job offer type
Experts
Type of contract
Service contract
Activity sectors
Technological Innovation
Deadline date
2026/07/29 23:59
Duration of the assignment
Short term
Contract
Freelancer
Duration
13 months
Expert to formalize partnerships between the Armenian and European Open Finance Framework (M/W)
Departement Economie Durable et Inclusive - EDIN > Pôle Entreprenariat et Innovation
Published on : 2026/07/15
CONTINENTAL EUROPE
ARMENIA
Mission description
Objectives
General objective
The overall objective is to accelerate the development of a robust, inclusive, and internationally aligned Open Finance Framework for Armenia, laying the foundations for a data-driven financial sector that fosters competition, innovation, and consumer protection. This will be pursued through targeted expert advisory support to public and private stakeholders across the following strategic directions:
● Regulatory and Legal Framework Design – laying the legal and regulatory groundwork for open finance, covering data-sharing obligations, consent requirements, governance structures, and supervisory mechanisms.
● Data Scope and Use Case Prioritization – defining which categories of financial data should fall within the framework and which use cases merit early implementation.
● Technical Standards and Infrastructure – shaping the technical architecture of the ecosystem, including API standardization, customer authentication, interoperability, and implementation monitoring.
● FinTech Market Access and Licensing Enablement – creating clear, proportionate pathways for fintech companies and third-party providers to enter the open finance ecosystem, including streamlined authorization, registration, and onboarding processes.
● Innovation Facilitation and Ecosystem Development – supporting the growth of a competitive fintech ecosystem through enabling tools such as regulatory sandboxes, innovation hubs, developer portals, and testing environments that lower barriers to experimentation with open finance–based products.
● Consumer-Centric Digital Financial Services – promoting the development of open finance–powered use cases with high consumer and SME impact, such as account aggregation, personal financial management, alternative credit scoring, embedded finance, and payment initiation services.
● International Knowledge Exchange and Partnership Building – connecting Armenia with leading European and international open finance ecosystems to accelerate learning and institutional cooperation.
Specific Objectives
● Develop a draft regulatory blueprint for Armenia's open finance framework — including proposed legal requirements, governance arrangements, licensing/participation rules, and supervisory and liability mechanisms — benchmarked against EU models (e.g., PSD2/PSD3, FiDA) and other international best practices, and adapted to Armenia's legal and institutional context.
● Deliver an evidence-based data scope and use case roadmap, assessing candidate data categories and use cases against consumer benefit, market readiness, and operational feasibility, and recommending a phased implementation sequence.
● Produce technical guidance and standards recommendations covering consent management architecture, API specifications, security and strong customer authentication requirements, and performance/service-level expectations, together with a proposed mechanism for monitoring compliance and ecosystem performance.
● Build institutional and market capacity through structured training, workshops, and study exchanges that connect Armenian regulators and market participants with European open finance hubs, regulators, and standard-setting bodies.
● Establish formal channels for long-term cooperation by identifying suitable European counterpart institutions and supporting the negotiation and conclusion of bilateral cooperation agreements or memoranda of understanding with Armenian financial authorities.
Description of the assignment
Planned activities
The selected consultant will work in close collaboration with the EU4Innovation East project team to implement the following activities aimed at developing an open finance framework for Armenia and laying the groundwork for Armenia’s sustainable integration into the international open finance ecosystem.
Open Finance Ecosystem Assessment and FinTech Readiness Analysis
This activity aims to establish a comprehensive understanding of Armenia's open finance ecosystem, including the regulatory environment, market structure, institutional capacities, and the readiness of fintech startups to participate in an emerging Open Finance framework.
The expert shall:
● Conduct a comprehensive assessment of Armenia's Open Finance ecosystem, including the financial data landscape, regulatory framework, market structure, supervisory capacities, and the legal basis for data sharing and processing, benchmarked against relevant European and international models such as FIDA, PSD2/PSD3, and other leading Open Finance frameworks.
● Map and assess Armenian fintech startups operating across key segments, including payments, lending, insurance, WealthTech, and RegTech, to evaluate their technical capabilities, data governance practices, API readiness, and potential participation as Third-Party Providers (TPPs) within the future Open Finance ecosystem.
● Identify key regulatory, technical, institutional, and market gaps, and develop a prioritized set of Open Finance use cases based on consumer benefits, market demand, implementation feasibility, financial inclusion objectives, and supervisory considerations.
● Prepare an inception and assessment report summarizing the main findings, challenges, and strategic recommendations to guide the design and implementation of Armenia's Open Finance framework.
FinTech Startup and Ecosystem Support
Building on the assessment phase, this activity aims to strengthen the readiness and competitiveness of Armenian fintech startups and support the development of a dynamic Open Finance ecosystem.
The expert shall:
● Provide targeted capacity-building activities, including workshops and one-on-one mentoring sessions, to support Armenian fintech startups in areas such as open API integration, regulatory compliance, operational resilience, digital onboarding standards, and Open Finance business models.
● Advise fintech startups on product development, market opportunities, and potential roles within the Open Finance ecosystem, including as data aggregators, Account Information Service Providers (AISPs), Payment Initiation Service Providers (PISPs), and other innovative service providers.
● Support the development of regulatory sandbox or innovation hub mechanisms within the Central Bank of Armenia, drawing on relevant European experiences and best practices to encourage innovation and facilitate market entry.
● Facilitate linkages between Armenian fintech startups and European accelerators, investors, and innovation programmes to strengthen international cooperation, investment readiness, and access to growth opportunities.
● Provide guidance on the adoption of emerging technologies relevant to Open Finance, including artificial intelligence, digital identity solutions, embedded finance, and other innovations aligned with European regulatory and market developments.
Open Finance Framework Design and Implementation Planning
Following the assessment and ecosystem support phases, the expert shall provide technical assistance for the development of Armenia's Open Finance framework and implementation strategy.
The expert shall:
● Provide technical and advisory support to the Central Bank of Armenia and other relevant stakeholders in developing the legal, regulatory, and governance framework for Open Finance, including institutional roles, oversight mechanisms, liability arrangements, and enforcement approaches.
● Develop recommendations on the scope and principles of financial data sharing, consent management, customer authentication, transparency requirements, API standards, interoperability, cybersecurity, and other technical and operational requirements, taking into account relevant international best practices.
● Prepare a phased implementation roadmap outlining priority actions, participation models, risk mitigation measures, data protection requirements, third-party risk management, and supervisory mechanisms to support the effective and sustainable rollout of the Open Finance framework.
● Facilitate multi-stakeholder consultations and collaborative workshops to build consensus, strengthen institutional ownership, and ensure the practical implementation of the proposed framework.
International Cooperation, Knowledge Exchange, and Strategic Partnerships
Following the completion of the assessment and framework design phases, this activity aims to strengthen Armenia's integration into European Open Finance ecosystems and facilitate long-term institutional cooperation.
The expert shall:
● Organize and facilitate targeted study visits and knowledge-exchange activities with leading European Open Finance institutions and fintech innovation ecosystems, including meetings with regulatory authorities, central banks, industry associations, innovation agencies, and technology providers to share best practices and relevant implementation experiences.
● Support Armenian stakeholders in identifying and adapting transferable European models and lessons learned to inform the development and implementation of Armenia's Open Finance framework.
● Facilitate strategic partnerships and bilateral cooperation between Armenian and European institutions, including regulatory bodies, fintech associations, innovation hubs, and technical partners, to promote knowledge exchange, joint initiatives, technical assistance, and participation in relevant European Open Finance programmes and networks.
Anticipated deliverables
|
Deliverables |
End date |
|
Open Finance Landscape Assessment and Gap Analysis |
No later than T0* + 2 months (6 billable days) |
|
Open Finance Regulatory Framework Design |
No later than T0* + 4 months (3 billable days) |
|
Organization and Facilitation of a Targeted Study Visit |
No later than T0* + 6 months (6 billable days) |
|
Stakeholder Capacity Building and Knowledge Exchange |
No later than T0* + 7 months (6 billable days) |
|
Open Finance Implementation Roadmap |
No later than T0* + 8 months (3 billable days) |
|
Facilitation of Bilateral Collaboration Agreements |
No later than T0 + 10 months (3 billable days) |
Place, duration and terms of performance
● Implementation period: 12 months (tentatively from 1 September 2026 to 31 August 2027)
● Effective duration of assignment: 27 billable days
● Schedule/program:
|
Activity |
Places |
Period |
|
Open Finance Landscape Assessment and Gap Analysis |
Armenia & remote |
T0* + 2 months
|
|
Open Finance Regulatory Framework Design |
Remote |
T0* + 2 months - T0* + 4 months
|
|
Organization and Facilitation of a Targeted Study Visit |
Europe |
T0* + 4 months - T0* + 6 months |
|
Stakeholder Capacity Building and Knowledge Exchange |
Europe, Armenia & remote |
T0* + 5 months - T0* + 7 months
|
|
Open Finance Implementation Roadmap |
Remote |
T0* + 6 months - T0* + 8 months |
|
Facilitation of Bilateral Collaboration Agreements |
Armenia, Europe & remote |
T0* + 6 months - T0* + 10 months |
Project or context description
The EU4innovation East (EU4IE) project aims at enhancing the competitiveness of the startup ecosystem within 5 countries of the Eastern Partnership (EaP) region: Armenia, Azerbaijan, Georgia, Moldova and Ukraine. At the heart of the project is a strategy designed to nurture high-performance incubators, expand funding and market opportunities for startups, and provide tailored support to the emerging tech sector. Through strategic co-financing, skills development, regulatory assistance, and a strong commitment to gender inclusion, EU4Innovation East is laying the foundation for sustainable, long-term growth in the region, ensuring that innovation is both inclusive and impactful. The EU4Innovation East project is implemented by Expertise France, funded by the European Union and co-funded by the French government.
Armenia’s financial sector is undergoing a significant period of transformation. The Central Bank of Armenia (CBA) has progressively modernized payment infrastructure, expanded digital financial services, and strengthened prudential oversight. However, the country’s financial data ecosystem remains fragmented, with limited interoperability between institutions and no formal open banking or open finance framework in place. As a result, consumers and businesses face barriers to accessing a full range of competitive, data-driven financial products and services.
Across Europe and internationally, open finance frameworks have emerged as a key policy tool for enhancing competition, financial inclusion, and innovation in the financial sector. Building on the foundations of open banking, open finance extends data sharing obligations to a broader range of financial products including savings, loans, insurance, and investments enabling third-party providers to develop new services with consumer consent. The EU’s Financial Data Access (FIDA) Regulation and Payment Services Directive (PSD2/PSD3) represent leading examples of this regulatory evolution.
Armenia has an opportunity to leverage these international developments by designing a fit-for-purpose open finance framework that reflects the country’s specific market structure, supervisory capacity, and financial inclusion priorities.
In this context, the EU4Innovation East project is seeking an international consultant to provide expert advisory support in the field of fintech to help the Armenian ecosystem to grow in this sector through developing an open finance regulatory and governance framework and formalizing international partnerships between the Armenian and European counterparts. The consultant will work closely with public authorities, including the Central Bank of Armenia, and private sector stakeholders, like startups and institutions.
Required profile
The contracted provider should have a proven history in successfully providing similar services, as following:
● Proven experience of at least 10 years in open finance, open banking, financial regulation, or financial data governance, with a demonstrated track record of successful policy advisory projects in comparable contexts.
● Strong international comparative knowledge of open banking and open finance models, including centralized and decentralized governance approaches, mandatory and voluntary participation models, liability allocation, and supervisory monitoring mechanisms.
● Expertise in open finance policy design, including strategies for sequencing adoption, defining priority use cases, determining the scope of data sharing, and establishing appropriate governance arrangements.
● Deep understanding of consent management architectures and API standardization approaches, including customer authentication, consent frameworks, audit trails, transparency requirements, interoperability, testing environments, and security requirements.
● Strong knowledge of regulatory frameworks relevant to open finance, including data protection (GDPR), payment services regulation (PSD2/PSD3), financial data access (FIDA), cybersecurity, third-party risk management, and consumer protection.
● Demonstrated experience working with institutional stakeholders, including central banks, financial regulators, ministries, and other public authorities, preferably in the context of financial sector reforms and digital transformation initiatives.
● Previous experience working in Eastern Partnership (EaP) countries or other emerging and transition economies, with a strong understanding of the regional institutional, regulatory, and market environment.
● Excellent command of English, both written and spoken, with proven experience in preparing high-quality analytical reports, policy recommendations, and delivering presentations to diverse stakeholder groups.
● A well-established network of European financial regulators, central banks, fintech associations, open banking bodies, and industry professionals.
● Experience in facilitating access to international regulatory knowledge, technical assistance frameworks, and co-funding mechanisms.
● Proven track record of successful projects implemented and partnerships facilitated in the financial services or regulatory advisory sector.
● Strong project management skills to handle logistics, timelines, and stakeholder coordination, with experience managing multi-stakeholder advisory processes.
● Demonstrated capability to build structured use-case prioritization matrices evaluating financial inclusion metrics, data sensitivity mapping, and market competition impacts.
● Practical experience working directly with fintech startups, including advisory support on business development, regulatory compliance, and market entry strategies, preferably in an emerging or transition economy context.
● Sound understanding of fintech product development and digital financial infrastructure, including open banking APIs, secure authentication standards, and cloud-based financial services.
● Familiarity with regulatory sandbox frameworks and innovation hubs, with the ability to advise on how such environments can support fintech startups in testing products under regulatory supervision.
● Working knowledge of key EU fintech and digital finance regulations relevant to the open finance ecosystem, including frameworks covering AI in financial services, crypto-assets, digital operational resilience, and digital identity.
● Experience with RegTech solutions for compliance and risk management, including digital identity verification, AML/KYC automation, and fraud detection tools, with the ability to guide stakeholders in selecting appropriate solutions.
● Established network within the European fintech ecosystem, including connections with accelerators, industry associations, and EU innovation funding bodies, enabling the facilitation of partnerships and funding opportunities for Armenian fintech startups.
● Understanding of embedded finance models and how non-financial sectors (e-commerce, healthcare, agritech) can leverage open finance infrastructure to deliver financial services to underserved segments.
● Ability to assess and improve the investment readiness of fintech startups, including guidance on licensing requirements, regulatory capital, and preparation for engagement with investors and funding institutions.
The application should include :
- Curriculum Vitae (CV), clearly indicating the candidate’s education, professional experience, and relevant assignments, including a description of the expert’s role and responsibilities. The CV should include specific references to assignments demonstrating relevant experience.
- Cover letter (maximum 1–2 pages), outlining the candidate’s suitability for the assignment, relevant experience in relation to the Terms of Reference, and motivation for applying as well as an indication of the expected daily fee rate (in EUR), inclusive of all costs.
- Proposed methodology and delivery plan, including the approach, workplan, stakeholder engagement methodology, and implementation timeline
- Financial offer indicating the daily fee rate (in EUR), inclusive of all costs.
- Applications shall be submitted in English.
- Only shortlisted candidates may be contacted for further assessment.
- The Contracting Authority reserves the right to request supporting documents and/or references for the verification of the information provided.
Additional information
The applications should be submitted by 29 July 2026.
Selection criteria for applications
The selection process for candidates will be based on the following criteria :
- Candidate’s skills linked with the expert mission
- Candidate’s experiences linked with the expert mission
Deadline for application : 2026/07/29 23:59
Expertise France is the public agency for designing and implementing international technical cooperation projects. The agency operates around four key priorities :
- democratic, economic, and financial governance ;
- peace, stability, and security ;
- climate, agriculture, and sustainable development ;
- health and human development ;
In these areas, Expertise France conducts capacity-building initiatives and manages project implementation, leveraging technical expertise and acting as a project coordinator. This involves combining public sector expertise with private sector skills to drive impactful results.