引导金融科技创新健康发展的制度实验——基于监管沙箱视角

Institutional Experiment to Guide the Healthy Development of FinTech Innovation:A Perspective of Regulatory Sandbox

金融科技是技术驱动的金融创新,旨在运用现代科技成果优化或创新金融产品、经营模式、业务流程。由于时代发展,风险布局发生改变,金融科技能运用大数据、人工智能等技术有效甄别高风险交易,提升金融风险技防能力。监管沙箱作为一种新型监管模式成为金融监管部门在金融创新与金融监管之间寻求平衡的重要尝试。基于演化博弈理论的分析,发现由政府主导引入监管沙箱制度,确实对金融科技企业创新有促进作用。具体来说,在政府引入沙箱和科技企业采纳创新的意愿均较强时,演化结果得出政府愿意采纳且科技企业的创新意愿强烈的双赢结果;反之,演化结果呈现两极分化的不确定性。从国家层面、行业层面、金融科技企业层面三个角度分别对监管沙盒制度的应用提出了合理建议。

FinTech is a technology-driven financial innovation that aims to optimize or innovate financial products,business models and business processes using modern technologies.As risk layouts change with time,FinTech can use technologies like big data and artificial intelligence to effectively identify high-risk transactions and enhance the technological capabilities in preventing financial risks.Using the regulatory sandbox as a new regulatory model is an important attempt by financial regulators to balance innovation and supervision.Based on the evolutionary game theory,the present paper finds that a regulatory sandbox system introduced into the FinTech companies by the government can facilitate their innovation.Specifically,the evolutionary outcome shows a win-win situation when the government introduces the sandbox and the management of the companies has a stronger desire for innovation;conversely,the evolutionary outcome shows polarized uncertainty.The paper thus proposes the measures for applying the sandbox system from three perspectives:state,industry and FinTech firms.