| With the rapid development of financial science and technology,problems like financial risks and lagging regulation are emerging gradually.The integration of financial innovation and risk prevention is a common problem facing many countries while carrying out financial regulation.The UK Government is committed to cementing the UK's world-leading position in FinTech and has already taken significant steps towards achieving this goal.Financial Conduct Authority in Great Britain initiated "Regulatory Sandbox",aiming to provide a "safe space" in which businesses can test innovative products,services,business models and delivery mechanisms without immediately incurring all the normal regulatory consequences of engaging in the activity in question.Based on the analysis of the specific system of sandbox supervision in Britain,Australia and Singapore,this paper focuses on the reference of Internet financial supervision in China.Measures will be taken such as the establishment of 'sandbox' testing mechanism and the implementation of innovative product intervention to create a fair competition in the regulatory environment and promote the Internet financial innovation under the premise of controllable risk.This article is divided into the following four sections:The first part introduces the background and concept of Regulatory Sandbox.The background of Regulatory Sandbox originated from three aspects:the first one is the theoretical foundation from economic liberalism to prudential supervision,the second one is the realistic consideration that Fintech promotes Regtech,the third one is the national strategy that The Government is committed to cementing the UK's world-leading position in FinTech.Based on the concept,characteristics and working mechanism of Regulatory Sandbox,it is the combination of financial technology and supervision technology.The second part introduces the law reform and extraterritorial experience of regulatory sandbox.This paper introduces the special sandbox supervision system in Britain,Australia,Singapore and other countries respectively.With "destructive innovation" to promote innovation,the UK's regulatory sandbox focuses on financial innovation and consumer protection;from strict regulation to "Licensing Exemption",Australian regulatory sandbox center on testing Fintech products and services without holding an AFS or Credit License;while Singapore adopts relatively lenient regulation in order to build a smart financial center for the future.The third part introduces the emphasis and trend of regulatory sandbox.The regulatory sandbox focus on three aspects:encouraging innovation and preventing risks,the protection of consumers' rights and the interaction between regulators and innovators.Through the analysis of The Hype Cycle of sandbox,the paper highlights on the reform direction of regulatory sandbox that the regional industry sandbox will come into being and other regulatory initiatives will be flourishing.The forth part introduces the revelation of the supervision of sandbox to China's Internet financial supervision.Starting from the three stages of the development of Internet finance in China,this paper analyzes the problems of Internet financial supervision in China,that is,the lag of regulation laws and regulations,the absence of regulatory cooperation mechanism and the absence of financial consumer protection.Meanwhile,the development of financial technology has brought great challenge to China's Internet financial supervision,that is,the traditional supervision mode and institutional supervision model hinder the development of financial science and technology.With the compatibility of the regulation of sandbox and the regulation of Internet finance in China,we can draw on the results of regulatory sandbox,activate financial technology and regulatory technology,and realize the renewal and iteration of financial supervision system. |
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