| With the exponential development of the global Fintech field,the cooperation between finance and technology is getting closer and closer,and fintech has become an inevitable trend of international financial development.Fintech not only brings subversive innovative technology to traditional financial forms,but also brings unavoidable risk impact,which challenges the stable development of the financial system.National financial risk prevention and financial security are facing a more severe situation,but the problems caused by the development of fintech have gone beyond the framework of traditional financial supervision.As one of the early respondents to the challenge of fintech,financial supervision departments are difficult to make timely and effective responses to the innovation and development of fintech under the original financial supervision mode.Regulators around the world are trying to find a way to do both.A new Regulatory tool,the "Regulatory Sandbox",was first invented in the UK in 2016 to provide an answer to the risks posed by the widespread use of financial technology.The sandbox is not only a regulator of fintech,but more fundamentally a facilitator of fintech.Through risk cleaning,the sandbox can simplify the cost of the introduction of fintech into society and finance,and the sandbox itself becomes a part of the fintech financialization tool,strengthening the penetration of fintech into typical non-financialized social relations and generating potential social impact.As a contribution to this emerging field,we can understand the process by which fintech is regulated through an analysis of the "regulatory sandbox" regime.The "regulatory sandbox" system has been welcomed globally as soon as it was launched,and its theoretical connotation has been iterated and upgraded continuously in the process of international practice.This system is introduced for the exploration of financial technology innovation regulatory tools which are in line with national conditions and conform to international standards.In essence,no matter the operation logic or practical effect,the "regulatory sandbox" is not a complete thing for China.The existing pilot financial reform in China and the "regulatory sandbox" are in essence the same,and both are a trial-and-error tolerance mechanism.Comparing the similarities and differences of the two,we can see that common characteristic embodies in the running logic of the two is the same with final goal,"supervising sandbox" in many similar concept,in fact has landed in the reform measure implemented in our country in the past,this proved that absorbing reform pilot experience to promote the "supervising sandbox" optimization has certain feasibility.This paper will start from two paths,one outwards,to sort out the development trend of international regulatory science and technology,dynamically track the outstanding achievements of the evolution of international "regulatory sandbox" system,and find solutions for the problems in the specific mechanism of China’s financial technology innovation regulatory tools since the pilot implementation of three years ago.One path is to dig the rich experience accumulated in the pilot financial reform in the early stage,analyze the operation logic of the pilot system of specimen soil reform with "supervision sandbox" system,and explore the rationality and optimization of "supervision sandbox" system "Chinese style" path;Finally,China’s financial technology regulatory theoretical analysis tools are used to combine with foreign experience and China’s reform pilot experience to form a "regulatory sandbox" system and theory with Chinese characteristics,and promote positive changes in regulatory initiative through the construction of a good information transmission mechanism. |
