| Technology enabled finance is an important manifestation of the improvement of the level of economic and social informatization,and it is also a hot spot of global financial innovation.In recent years,the rapid development of financial technology has an important impact on the financial industry.The disintermediation of fintech services reduces the demand for financial intermediaries,improves the operational efficiency of the financial system,and widens the availability of finance.Meanwhile,it fills the gap in the traditional financial industry and makes contributions to the stable development of finance.However,the coin often has two sides,and fintech also brings serious challenges to financial regulation.On the one hand,the deep integration of technology and finance has changed the financial industry,reshaped the structure of the financial market,broken through the existing regulatory scope,and expanded the original financial risks.On the other hand,financial technology has triggered new financial risks.A large number of Internet and technology companies have entered the financial sector,making it easier for financial risks to spread across regions,industries and institutions,and more likely to cause systemic financial risks.In addition,excessive data mining by fintech companies may violate the privacy of customers,and the technical nature of fintech may also cause financial fraud and other problems.Financial risk prevention and financial security are facing a more severe form,and the biggest challenge for regulatory rulemakers is to maximize the benefits of fintech while minimizing the potential risks to the financial system.However,as the problems raised by the development of fintech exceed the traditional financial regulatory system,the speed of innovation makes it difficult for financial regulators to respond in a timely and effective manner.In the face of the challenges posed by fintech to financial regulation,how to make corresponding policy responses to ensure the orderly application of new technology in the financial system,while maintaining adequate risk control,is an issue that must be faced.Global regulators are looking for new regulatory systems and regulatory means,and regulatory technology arises at the historic moment.As an ideal financial regulatory technology,regulatory sandbox has been widely welcomed in the world.China officially started the pilot work of regulatory sandbox in March 2020,in order to explore a regulatory tool for fintech innovation that is in line with China’s national conditions and international standards.Based on the development of China’s fintech,this paper reviews the development of China’s fintech regulation,and analyzes the challenges facing China’s fintech regulation,including financial risk generalization,lagging financial regulation,and insufficient consumer protection.In the face of regulatory challenges brought by fintech,China introduces the concept of regulatory sandbox.Firstly,a brief introduction of regulatory sandbox is made to explore the essence of regulatory sandbox--in fact,it is a special market transaction.The connotation of its five constituent elements is analyzed,and then the feasibility and necessity of establishing a legal system of regulatory sandbox is demonstrated.At the same time,from the perspective of access standards,main procedures,exit mechanism and special provisions on consumer protection,this paper makes a comparative analysis of the operation mode of regulatory sandbox system in the UK,Singapore and Australia,combines with the current pilot situation and specific legal environment of regulatory sandbox system in China,and draws on the practical experience of the UK,Singapore and Australia.To further improve the regulatory sandbox system to provide practical possibilities and practical significance of the recommendations.China’s regulatory sandbox legal system can be improved from the following five aspects: First,the establishment of regulatory subjects.The top layer is the Financial Stability Board;the middle layer is the People’s Bank of China,China Securities Regulatory Commission and China Banking and Insurance Regulatory Commission;the third layer is the provincial financial regulatory bureau,which is responsible for overall coordination;the middle layer is responsible for the implementation of the central supervision of the sandbox.The local financial regulatory authorities are responsible for the development of the regulatory sandbox within their jurisdiction in the province.The second aspect is to set standards for access.Chongqing National Fintech Certification Center and Beijing National Fintech Certification Center can be introduced as third-party certification bodies to screen fintech products and services applied for testing and prevent "false innovation" from entering.In addition,there is also a need for uniform regulations on the admission criteria for application testing projects.The third aspect is to standardize the operation rules.After the applicant is approved by the regulatory authority,the regulator and the regulated should jointly negotiate the test plan and regulatory rules,on the premise of reasonable allocation of rulemaking rights.After projects enter the regulatory sandbox and start testing,regulators should follow the principle of "least intervention" to ensure the authenticity of the regulatory sandbox tests.Fourth,set up an exit mechanism.The exit and transition mechanism of the system should be constructed to lay the foundation for the good development of the test project.Fifth,special provisions on consumer protection.Sandbox consumers face greater uncertainty in financial products and services,and they face greater risks than traditional financial consumers,so it is necessary to pay attention to the reasonable construction of their protection mechanism. |
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