基于国际经验的中国化“监管沙盒”构想

Study on the Conception of Chinese“Regulatory Sandbox”Based on International Experience

目前,世界各国对金融科技类别的监管存在较大差异,科技监管缺乏统一标准。“监管沙盒”机制是国际金融危机后“寻找监管新平衡”的有益探索,大大缩短了金融企业的创新申请时间,有效降低了合规成本。与此同时,“监管沙盒”能有机统一金融稳定和金融服务实体经济双重职能,有利于监管部门更好履行监管职责,促进金融创新监管。文章阐述了英国、澳大利亚、新加坡的“监管沙盒”测试过程,借鉴其“监管沙盒”构建经验,结合中国国情,提出由政府担任监督者,鼓励金融科技公司及消费者共同参与创新的监管方式;并对常规“监管沙盒”机制增加保险措施,即“虚拟沙盒”的先行测试,完善了三方参与补偿机制。

Currently,due to the lack of unified standards,there are significant gaps in the regulation of fintech among countries around the world.The“regulatory sandbox”mechanism is a beneficial attempt of“finding a new regulatory balance”after the international financial crisis,which greatly shortens the innovation application time of financial enterprises and effectively reduces compliance costs.At the same time,“regulatory sandbox”can organically unify the dual functions of financial stability and financial services for the real economy,which is conducive to the better fulfillment of the responsibilities of regulatory authorities and promote the innovation and regulation of the financial industry.In view of this,the thesis elaborates on the testing process of“regulatory sandbox”in the UK,Australia,and Singapore,draws on their experience and proposes a regulatory approach where the government serves as the supervisor and encourages fintech companies and consumers to participate in innovation process in light of China's national conditions;And insurance measures have been added to the conventional“regulatory sandbox”,i.e.,the pilot testing of the“virtual sandbox”,which improved the three-party compensation mechanism.