我国金融科技监管的路径建构——以沙盒监管为中心

The Path Construction of Fintech Supervision in China——Centered on Regulatory Sandbox

金融与科技的创新融合在支付结算、存贷款与资本筹集、投资管理、保险、金融市场基础设施五大场域。金融科技因为技术性和中介化链条繁长,其风险转化的破坏力也更大。此外,金融科技创新将进一步模糊产融界限,加剧金融混业化,提高金融产品法律认定难度,并使监管供给严重滞后。金融科技监管的最大困境在于平衡创新与监管两者之间的关系,发达国家(地区)正探索沙盒监管加以解决。我国应在明确监管原则、甄选立法形式、构造具体制度等方面引入境外沙盒监管,以应对本土实践中的金融科技创新。

The innovative integration of finance and technology focuses on five fields:payment and settlement,deposit and loan and capital raising,investment management,insurance and financial market infrastructure.Because of technicality and complicated intermediary chains,fintech has more destructive power to make its risks a reality.In addition,the fintech innovation will further blur the boundaries of industry and finance,intensify the mixing of finance,raise the difficulty of legal identification of financial products,and make the regulatory supply lag seriously.In essence,the biggest dilemma of fintech regulation lies in balancing the relationship between innovation and regulation,and developed countries(regions)explore sandbox regulation to solve it.China should introduce overseas sandbox supervision in the confirming of regulatory principles,selection of legislative forms and construction of specific systems,in order to cope with the fintech innovation in local practice.