Study Of Indonesian Legal Regulation Of Fintech

In the report of the 19 th National Congress of the Communist Party of China,it is clearly pointed out that we must focus on accelerating the construction of an industrial system that integrates the real economy,technological innovation,modern finance,and human resources,it is also proposed to improve the financial supervision system and to maintain the bottom line of avoiding the systemic financial risks.In recent years,under the "Internet +" initiative,financial technology which is driven by science and technology financial innovation actively is the concrete manifestation of modern finance.How to prevent systemic financial risks while promoting innovation has become a difficult problem for countries to improve supervision system of financial technology.Among the many regulatory methods,sandbox regulation pioneered in the UK has changed the passive and lagging regulation in the past,and the implementation of initiative and preventive supervision has achieved remarkable results.Therefore,the suggestions for introducing sandbox regulation is increasing in China in recent years.The realistic environment for the establishment of the sandbox regulation between China and the United Kingdom is significantly different,so whether to introduce this kind of supervision system or not is still to be further explored.In particular,the experience reference of other countries after their introduction is needed urgently.This article takes Indonesia,which is a major developing country in Asia,as a reference,clarifies the specific meaning of sandbox regulation under financial technology;sorts out the current legislative status of Indonesian financial technology regulation by translating legal documents of Indonesia;find out that currently the regulation of financial technology mainly faces three major difficulties: the supervisory body is not clear,insufficient regulatory capacity and lack of regulatory dimensions through conducting field research on sandbox regulation in Indonesia;obtain the main reason through analysis that during the legal transplantation process,the financial supervision system between Indonesia and the country where the sandbox regulation from is totally different,including that the financial supervision system is different,the degree of supervision and technology development is different,and the supporting legislation is different.After conducting a thorough investigation and careful analysis of Indonesia's financial supervision model,this article combines the current status of China's financial technology supervision and studies for the legally similar legal transplant conditions between China and Indonesia comparatively,considers that it is not appropriate to rush to set up a regulatory sandbox for the current stage of China's financial technology supervision.Instead,shall through the existing supervision methods,while accelerating the reform of financial technology supervision and alleviating the institutional mismatch of mixed operation and separate supervision,fully release the benign function of technological development to promote the sharing of economic and financial benefits.