Research On Regulation Mode Of FinTech

Financial technology is a kind of financial format formed by the deep integration of technology and finance.The core of financial technology is the comprehensive reconstruction of information processing methods in the financial industry.In the process,the boundaries of the previously distinct financial sectors have become blurred,and the financial industry is facing new opportunities and challenges.From the development history of financial technology,financial technology has experienced the stage of Internet finance in China.The essence of both is still finance,and the core is still risk management."Creative destruction' appropriately explains the impact of financial technology on financial services.In terms of creativity,it reconstructs the information data processing process with new information technology means,reduces the cost of information data,and improves the core issues of financial market such as risk pricing and risk management,which constitutes the core competitiveness of financial technology and promotes High quality financial development.Financial technology breaks the monopoly of traditional finance,boosts the process of financial democratization,and promotes the development of inclusive finance.On the destructive side,financial technology has not only moved the cheese of the traditional banking industry,but also created new risk characteristics,posing new challenges to financial stability.First,traditional financial risks still exist in the field of financial technology.Secondly,under the core role of information technology,financial technology has obvious generalization characteristics.It is characterized by financial popularization,frequent rate financial risks,serious spillover effects,and rapid risk transfer resulting in systemic risks.The characteristics of financial technology(openness,innovation and inclusive)amplify the shortcomings of traditional financial supervision mode.Such as the financial regulation hysteresis quality,inflexibility of regulatory rules,backwardation of regulatory means,and restrictive rules.The traditional financial supervision model has an inconformity with the inherent characteristics of financial technology.Therefore,the traditional financial supervision model cannot reasonably and effectively balance the relationship between financial technology innovation and security.Financial regulators increasingly seek to balance the traditional regulatory objectives of financial stability and consumer protection with promoting growth and innovation.At present,there are three major financial technology supervision modes in the world,namely,restricted regulation,passive regulation and active regulation.The effective implementation of the restricted regulation depends on a strong and stable financial system in the country,which is not universal;the risk management of the passive regulation mode lags behind and lacks forward-looking;the active regulation mode opens up a transition zone between security and innovation,promoting the development of the industry thus enhancing financial efficiency.The active regulation mode will inevitably become the mainstream choice in the future.According to the characteristics of the active regulation mode and the current international financial technology,this paper proposes the regulation mode and regulation concept that adapts to the development of financial technology,namely the principle of unified supervision,cooperative weak-center supervision,inclusive supervision,Suptech supervision,moderate supervision,and risk control supervision.The cross-border characteristics of financial technology and the regional characteristics of traditional financial supervision have natural contradictions,which lead to regulatory challenges and dilemmas such as cross-border financial crimes under financial technology and cross-border regulatory arbitrage.International financial technology supervision is imminent.In order to effectively deal with the risks of cross-border financial technology,the international financial technology regulatory system and framework should be formed internationally.First of all,countries in the world should form a consensus on financial technology to clarify regulatory consistency.Secondly,strengthen international regulatory coordination.International organizations should play the coordinating role and every country should extensively cooperate and share.Finally,we should build international regulatory standards for FinTech and build international FinTech "soft law" governance mechanism.