新加坡“监管沙盒”的制度演变与法律特质分析——兼谈对海南自贸港相关制度改革的启示

The Institutional Evolution and Analysis of Legal Features of Singapore's Regulatory Sandbox:Along with the Implications for the Reforms of Systems Related to Hainan Free Trade Port

作为世界著名自由贸易港,新加坡致力于建立一个兼顾创新与安全的金融科技生态体系以应对金融业态改变所引发的监管担忧及法律风险。基于对新加坡“监管沙盒”建立缘由及发展脉络的探讨,通过比较的视角总结新加坡“监管沙盒”的运作模式,进而分析其风险导向性、透明性及多元性的法律特质。海南自由贸易港正处于打造对外开放新高地的历史机遇期,借鉴新加坡“监管沙盒”的发展经验,海南自由贸易港应统合金融监管机构,构建以保护金融消费者为核心的信息披露规则体系,不断丰富进入“监管沙盒”的市场主体类型,创新“监管对话”模式,并积极探索与境外的金融监管合作,从而运用监管科技手段促进海南自由贸易港金融开放创新并有效防范金融风险。

As a world-renowned free trade port,Singapore is committed to establishing a FinTech ecosystem that balances innovation and safety to address regulatory concerns and legal risks that arise from the changing financial landscape.While discussing the reasons for the establishment of Singapore's regulatory sandbox and its course of development,this paper summarizes the operational model of Singapore's regulatory sandbox from a comparative perspective,and then analyzes its legal characteristics of risk-orientation,transparency and plurality.Hainan Free Trade Port is in a period to build a new high ground for opening up to the outside world.Drawing on the experience of Singapore's regulatory sandbox,Hainan Free Trade Port should unify the financial regulators,build a system of information disclosure rules with the protection of financial consumers as the core,continuously enrich the types of market players entering the regulatory sandbox,innovate the regulatory dialogue model,and actively explore the financial regulatory cooperation with foreign regulatory institution so as to utilize the regulatory technology to promote the financial opening up and innovation in Hainan Free Trade Port and prevent the financial risks effectively.