金融科技“监管沙盒”的国际实践与启示

International Practice and Enlightenment of FinTech Regulatory Sandbox

金融科技(FinTech)作为金融市场的新成员呈现出前所未有的市场活力。其快速发展促进了金融创新,改变着传统金融服务模式,但同时也给金融市场的稳定带来一定风险。2016年以来,英国、澳大利亚、新加坡和中国香港等多个国家、地区相继推出"监管沙盒",以鼓励和规范金融科技的发展。本文认为"监管沙盒"可以健全金融科技风险防控体系、将金融科技创新纳入监管体系、把金融风险控制在安全空间内。在实施路径上,本文建议,在国家层面设立"监管沙盒"专业委员会,负责制定"监管沙盒"基本标准;同时选取部分有条件的地区与风险控制能力最强的银行机构先行先试,穿透监管与投资者保护并重,跟踪进展、动态优化。

FinTech,new member of the financial markets,has exhibited unprecedented market vitality.Its rapid development has promoted financial innovation,changed the traditional mode of financial services.In the meanwhile,it brought certain risks to the stability of financial markets.In order to encourage and standardize the development of Fin Tech,the United Kingdom,Australia,Singapore,Hong Kong have launched＂regulatory sandbox＂since 2016.This paper argues that＂regulatory sandbox＂can improve the Fin Tech risk control system,embed Fin Tech innovation into the regulatory framework,and control the financial risk in the safe space.On the path of implementation,this paper proposes that a＂regulatory sandbox＂committee should be set up at the national level to formulate the basic standards.In the initial stage,it could be tested in several regions and banking institutions with the best risk control capability.Regulators should pay equally attention to penetrate regulation and investor protection,and track with dynamic optimization.