Research On The Application Of Regulatory Sandbox In Fintech Innovation

In recent years,under the dual stimulation of supervision and innovation,finance and technology have been deeply integrated and developed rapidly.The concept of FinTech has emerged as the times require.FinTech is used in various fields of the financial industry,and the resulting FinTech innovation has become a challenge for traditional financial regulation.Global financial regulators are actively seeking regulatory approaches to balance the basic goal of maintaining financial stability and consumer protection with promoting innovation and development.In response,the United Kingdom first proposed and implemented regulatory sandbox,which has become a model for many financial regulators in the world to follow and learn from.This paper takes regulatory sandbox as the main research object,and takes the application of regulatory sandbox in FinTech innovation in various countries and regions as the main research content.First,by studying the specific application of regulatory sandbox in typical overseas countries and China.Then,it analyzes the overall characteristics of the application of regulatory sandbox around the world.Finally,combined with the analysis of the factors affecting the application of Chinese regulatory sandbox,this paper puts forward suggestions for the further improvement of Chinese regulatory sandbox.The specific chapters of this paper are as follows: The first chapter is the introduction.It mainly includes the background and significance of the topic of the paper,the status of domestic and foreign research on the content of the topic,the research content and methods,and the innovations and deficiencies of the research.The second chapter introduces the rich underlying technology of FinTech and its application fields,and explores the positive and negative effects on FinTech innovation.It analyzes the 4 main international regulatory models for FinTech innovation and concludes that the concept of financial regulation is shifting towards inclusiveness.The third chapter first clarifies the nature and development trend of regulatory sandbox.Secondly,it studies the application of regulatory sandbox in typical overseas countries and China and comprehensively compares the application characteristics of regulatory sandbox worldwide.Finally,based on the above research,it analyzes the advantages and limitations of the application of regulatory sandbox.This paper finds that the specific form of the regulatory sandbox is different in different countries and regions,and there are already development trends such as cross-border and thematic.FinTech innovation projects tested in various countries and regions have their own priorities.The regulatory sandbox has sent signals to the market to encourage FinTech innovation,but it also has its limitations.Regulatory sandbox is relatively short in practice,and it is unclear whether its advantages outweigh its disadvantages.Therefore,some pitfalls need to be avoided when adopting regulatory sandbox.The forth chapter first uses the SWOT method to explore the advantages,disadvantages,opportunities,and threats of the application of Chinese regulatory sandbox.Secondly,based on this,an AHP analysis level is established,and the AHP-SWOT analysis method is used to quantify the weight of the factors affecting the application of Chinese regulatory sandbox.Finally,the strategic positioning of the application of Chinese regulatory sandbox is established.This paper believes that the most important factor for the application of Chinese regulatory sandbox is policy support.The practice of Chinese regulatory sandbox should mainly adopt the SO strategy,that is,to seize opportunities such as the demand for the healthy development of FinTech and integrate with international FinTech supervision concepts,to take advantage of FinTech industry advantages and policy support advantages.In addition,in the early exploration of regulatory sandbox,it should be further tried in the more developed areas of the financial science and technology industry to effectively use regulatory resources.In the follow-up process of practice,we should pay attention to expanding the scope of testing business to avoid conflicts with the competitive neutrality principle.The fifth chapter based on the analysis of the application characteristics of regulatory sandbox mentioned above as a reference,it proposes the inspiration for the application of Chinese regulatory sandbox.Secondly,it combined with the analysis of the application of Chinese regulatory sandbox,and puts forward suggestions for the further improvement and construction of Chinese regulatory sandbox from the perspective of the subject of supervision,test companies,consumers,and the sandbox construction.