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Lesson
TA consistency with the country partnership strategy is important. This TA was envisioned to provide knowledge for future ADB fintech projects, consistent with respective DMC country partnership strategies.

Project Number: 54246-001
Project Name: Impact Evaluation of Financial Technology Innovations in Selected Developing Member Countries
Report Date:
Lesson
Support cannot be directed to the most vulnerable in a crisis in the absence of a social protection system that can be utilized or adapted for this purpose—which provides an additional reason for working with developing member countries to establish and strengthen such systems.

Project Number: 54346-001
Project Name: COVID-19 Rapid Response Program
Report Date:
Lesson
The government’s internal approval processes need to be carefully considered when designing and implementing a policy reform program. In Viet Nam, the consensus-building approach to policymaking requires significant time and coordination, particularly for policies that would entail changes to the legal framework. The process for amending laws is a significant constraint, as the lawmaking cycle usually takes 5 years. Inadequate consideration of these features of policymaking and lawmaking in Viet Nam could lead to unrealistic program schedules.

Project Number: 49331-001
Project Name: Financial Sector Development and Inclusion Program
Report Date:
Lesson
The existence of a national sector strategy that serves as a blueprint to identify progress and near-term and future reforms needed to grow the sector is another reason for the suitability of the PBL programmatic approach. Government coordination and ownership of reforms articulated through a series of national sector strategies are necessary to ensure that financial sector development is based on predetermined steps, with each one supported by interagency coordination to achieve broad support for reforms.

Project Number: 44263-013, 44263-015, 44263-016
Project Name: Inclusive Financial Sector Development Program
Report Date:
Lesson
At the sector level, a conducive policy, legal, and institutional environment for PPP facilitates could enhance PSP in infrastructure services. PSP is facilitated when there are (i) a suitable policy and strategy for PPP, (ii) an established and professionally managed PPP Office that facilitates PPP processes, and

Project Number: 42180-013
Project Name: Second Public–Private Infrastructure Development Facility
Report Date:
Lesson
The DMF must include outcomes for each of the output areas, given the diverse and significant nature of the outputs and their contribution to Mongolia’s financial stability. The DMF included outcomes for three of the five output areas, making it difficult to track the TA project’s contributions.

Project Number: 50017-001
Project Name: Supporting Financial Sector Development and Stability
Report Date:
Lesson
This validation also adds that choosing and defining outcome indicators that can be directly attributed to TA outputs can improve a program’s relevanc and effectiveness.

Project Number: 45396-001
Project Name: Enhancing the Regulatory Framework of Financial Sector Development and Oversight
Report Date:
Lesson
Consultations with the government and development partners are critical for ensuring that the government has sufficient implementation capacity, increasing synergies and reducing duplication. In this TA project, ADB did not sufficiently consult with the government with regard to e-licensing, which resulted in delays due to the lack of capacity on XBRL in OJK’s IT department. ADB also did not sufficiently consult with the World Bank, which resulted in several activities being part of the TA design that the government had already agreed on being financed by the World Bank.

Project Number: 45396-001
Project Name: Enhancing the Regulatory Framework of Financial Sector Development and Oversight
Report Date:
Lesson
This is a useful lesson learned, but it is phrased as a recommendation. Rephrasing it into a lesson learned: Engaging with stakeholders extensively (including those that may not be directly involved in the TA project) while designing the TA can increase ownership of its activities among national stakeholders and support a timely implementation of TA activities. This TA project would have benefited from focus group discussions with stakeholders in the banking and capital market sector. Topics could have included financial inclusion, financial literacy, and consumer protection.

Project Number: 45396-001
Project Name: Enhancing the Regulatory Framework of Financial Sector Development and Oversight
Report Date:
Lesson
The timing needed to reach regional agreement on sensitive matters is inherently difficult to predict. The use of optimistic targets may help motivate progress. However, the risks of delays in such projects need to be explicitly recognized.

Project Number: 50055-001
Project Name: Creating a Regional Settlement Intermediary in ASEAN+3: Cross-Border Settlement Infrastructure Forum
Report Date:
Lesson
This is a useful lesson learned. The lesson could have benefitted from specifying which outputs should have been grouped together under separate TA projects.

Project Number: 48040-001
Project Name: Export- and Innovation-Led Industrial Development
Report Date:
Lesson
The DMF must be clear in its formulation of the details so that these could be used to confirm if the indicator targets were indeed achieved. The DMF in the TAR would have benefited from clearer indicators to (i) distinguish the Output 1 report from the Outputs 2–3 reports, (ii) specify the intended avenue for publishing reports, (iii) align the number of countries to be visited for the international study tour with the TAR’s main text, and (iv) have greater detail on the composition of training and workshop participants.

Project Number: 48010-001
Project Name: Study on Local Financial Market Development and Supervisory Framework
Report Date:
Lesson
Also, ensuring that approval is sought for changes in the indicators in the course of TA implementation is a good practice.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+3
Report Date:
Lesson
Extension of the TA for one year due to foreseeable events would not have been necessary had the TA been designed more appropriately.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+3
Report Date:
Lesson
On the output indicator, understanding of the underlying environment, including quality of data, through pre-investigative works could have ensured better design of TA outputs.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+3
Report Date: