金融科技对金融稳定的影响及各国应关注的金融科技监管问题

Financial Stability Implications from Fin Tech Supervisory and Regulatory Issues that Merit Authorities' Attention

金融科技的快速发展既带来新的机遇,也带来对金融稳定的挑战。报告按照经济职能和业务活动对金融科技进行分类,分析了网络信贷、机器人投资顾问、批发支付创新、数字货币、人工智能和机器学习等重要的金融科技活动,以评估金融科技对金融稳定的潜在正反面影响。金融科技的积极意义包括:去中心化,增加非金融机构中介,提升金融体系的效率、透明度、竞争性和韧性,促进普惠金融和经济增长。金融科技潜在风险分为微观和宏观两个层面:微观方面包括金融机构的信用风险、流动性风险、杠杆、期限错配风险和操作风险等;宏观方面包括传染性、顺周期性、过度波动性和系统重要性等。报告建议各国应当将金融科技纳入现有的风险评估体系和监管框架,并对监管框架进行评估,以减少金融科技的潜在风险并提高监管效能。基于各方研究与政策盘点,金融稳定理事会认为金融科技目前没有对金融稳定产生直接影响,同时研究确定了十个值得监管当局关注的问题。解决这些问题被视为确保金融稳定、促进创新和帮助各国当局努力建立更具包容性金融体系的关键。

With the rapid development of technology-enabled innovation in financial services(Fin Tech), there will be both opportunities and risks to financial stability. In order to identify these potential implications for financial stability, this report classifies Fin Tech innovations by their economic functions and main financial activities including Fin Tech credit, robo-adviors, DLT-based wholesale payments systems, privately-issued digital currencies, AI, machine learning and analyzes these activities. The potential benefits of Fin Tech includes: decentralisation and diversification; the increase in non-financial institution intermediaries; the increase in efficiency, transparency, competitiveness and resilience of financial system; promotion of inclusive finance and economic growth. However, the potential risks of Fin Tech are divided into two components which are microfinancial risks including credit risk, liquidity risk, leverage, maturity mismatch risk, operational risk of financial institutions and macrofinancial risks including contagion, procyclicality, excess volatility and systemetic importance. In order to reduce potential risks of Fin Tech and improve regulatory efficiency, this report recommends that regulatory and supervisory authorities reassess existing regulatory frameworks and consider introduce Fin Tech into these frameworks. Based on such researches and policies, FSB believes that Fin Tech does not have a direct impact on financial stability and identifies ten issues that merit authorities' attention. Solving these issues could be seen as the key to ensure financial stability, promote innovations and help authorities build more inclusive financial systems.