Comparative Study On Fintech Regulation

Safeguarding financial security and preventing financial risks are the internal requirements of national governance and the basic pursuit of practicing financial law.However,today,finance has achieved breakthrough development with the help of cutting-edge technologies such as big data and artificial intelligence.The complex forms of fintech and its unprecedented innovation have expanded the breadth and depth of risks in financial transactions,and brought new challenges to regulators.Therefore,governments of all countries are constantly exploring new models and ideas of fintech regulation.In order to "continuously consolidate the position of the European fintech leader",the UK promotes active regulation and explores the British paradigm represented by "regulatory sandbox".Singapore,Australia and other places have followed suit,with remarkable results.In the United States,fintech regulation is integrated into the current financial regulatory system according to its functional attributes,and "centralized management" is implemented instead of regulatory innovation.Germany,too,says it is not committed to building a firewall around fintech or to implementing the "regulatory sandbox" that is popular in many countries.In terms of the regulatory power structure,Britain,Germany and other countries also have their own characteristics,which have become the model for various countries to study.In order to promote the rapid development of fintech,the government adopted laissez-faire mode.The fact tells us that the development of fintech coincides with the accumulation of financial risks.Especially after 2013,risks gradually emerged and the government urgently issued regulatory documents.However,the release of these documents did not solve the accumulated financial risks and finally forced the regulatory authorities to start special rectification.Not only that,each department also often appears in the supervision vacuum and the supervision overlap,causes the supervision efficiency to be greatly reduced.Compared with other countries,the regulatory structure of fintech in China issomewhat complex,and the regulatory ideas and methods also lag behind.Is reason,based on the comparative study on the regulation mode and ideas at the same time,puts forward some thoughts of perfecting our country's financial regulation of science and technology: first,change supervision power structure,not only to coordinate the central power structure between different departments,and to coordinate the central and the local structure of the binary system of power,but also real play to the role of the self-discipline organization;Second,the transformation of China's financial technology regulatory concept;Third,innovate the supervision way of fintech.The supervision technology of "technology by technology" and the supervision sandbox of "experimental style" may be the effective breakthrough to solve the financial risk problem.