| Fin Tech is the abbreviation of fintech,the concept is imported.The concept originated from high-tech enterprises in developed countries.These enterprises use scientific technologies to provide financial products and services.However,there are numerous phenomena such as P2 P thunderstorms and the disclosure of personal privacy information by annual bill of Alipay.Should we focus on the supervision of fintech? Can traditional regulation cope with new developments in fintech? How will regulators respond to fintech’s challenge to traditional regulation? These are questions that need to be answered by regulators.This article follows the basic idea of proposing problems-analyzing problems-solving problems,it aims at analyzing the necessity of financial supervision of fintech under the premise of fintech development put forward by the traditional regulatory challenge,then according to these challenges,put forward countermeasures for regulators to improve the effect of financial regulation,and in order to fintech play a better role.The first chapter of this article is an introduction to fintech.The first section focuses on clarifying the concept of fintech,including citing and combing the financial stability concept(FSB),the Financial Conduct Authority(FCA)and other international organizations on the concept of fintech.At the same time,clarify the connection and difference between fintech,traditional finance and Internet finance.On this basis,the second section analyzes the typical types of fintech,including intelligent investment consultants,virtual currencies,Internet crowdfunding,and third-party payment;the third section explains the value of fintech,mainly reflected in financial disintermediation,there are three aspects of financial information transparency and financial democratization.The second chapter analyzes the necessity and principle of fintech regulation.On the one hand,due to the failure of fintech’s unique systemic risk,reputation and cooperation theory in the fintech industry,it is difficult to control the risks of fintech in the traditional regulatory system,so it is very necessary to supervise the fintech industry.On the other hand,to counter the risks in the fintech sector,the regulatory principles of consumer protection,moderation and technology regulation need to be adopted.The third chapter aims to explore the challenges brought by the development of fintech to the traditional regulatory system.It mainly includes the following four points: first,the division of supervision is not clear,and the status and responsibilities of the current financial stability and development committee,fintech committee and other newly established institutions should be further clarified;Secondly,it is difficult to identify the relevant actors in the fintech industry.Even if the relevant actors can be identified,their business behaviors are difficult to be monitored.Third,the traditional regulatory methods are too rough,such as the "one-size-fits-all" of the P2 P industry,which completely declared the end of P2 P as a beneficial industry for inclusive finance.Finally,fintech challenges the protection of personal information and privacy.The fourth chapter aims to propose countermeasures against the four challenges of fintech on the basis of the third chapter.First of all,it is necessary to clarify the supervisory responsibilities of each institution and establish a unified supervisory body to achieve unified supervision.Secondly,we should use technological means and self-regulation to facilitate regulation.For example,we should establish a "Regchain" supervision platform.Thirdly,based on the British sandbox regulatory system,China’s sandbox regulatory system is constructed on the premise of fully considering China’s national conditions.Finally,in the era of big data in which personal data has become an industry,laws and regulations on personal data protection should be improved to protect the security of user information and privacy.Meanwhile,data desensitization method should be adopted to reduce the disclosure of personal privacy. |
