金融科技的系统性风险:监管挑战及应对

Systematic Risks of Financial Technology: Regulatory Challenges and Responses

后金融危机时代的监管改革均以传统的金融服务业态为基础,并没有考虑到金融科技本身及其在传统金融业态中引发的巨大变化。金融科技的系统性风险诱因包括对不利的经济波动更为敏感,并会将这种不利因素传导至整个行业,以及信息不对称与金融科技企业规模的急剧膨胀等。这为金融监管带来了严峻的挑战,因为以传统大型金融机构为"抓手"的风险监管体系难以适用于金融科技,甚至连被监管对象及其行为识别都存在困境,算法黑箱更使得既有监管捉襟见肘。因此,推动功能监管理念革新,紧握技术契机发展实时监管和代码规制,加强自律监管并开展国际合作,成为鼓励金融科技创新并有效控制风险的重要举措。

The regulatory reforms in the post-crisis era were based on traditional financial services formats and did not take into account the existance of Financial Technology(FinTech) itself and its revolutionary influences on traditional financial industries The factors trigging FinTech systemic risks include: being more sensitive to adverse economic fluctuations;transmitting this unfavorable factor to the entire industry;information asymmetry and the rapid expansion of FinTech companies. This poses a serious challenge for financial regulation, because the traditional risk supervision system establishing on the control of large financial institutions couldn’t be applied to FinTech industries, even identifying the regulated subjects and their behaviors is difficult. Algorithm black box significantly restrains the effectiveness of the current regulation measures. Therefore, adopting functional supervision, seizing the technical opportunities, encouraging self-regulation and promoting international cooperation have become important measures to encourage financial technology innovations and effectively control their risks.