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International Financial Technology Supervision Policy Draw and Revelation

00:52, April 16, 2020 Source: "China Social Sciences", April 16, 2020, No. 1908 Author: Fu Changzheng Huang Wenli Zheng Yuqi

　　Finance Technology (Fintech) is manifested as the deep penetration of technology to traditional financial core business，Even the reconstruction of the entire financial ecosystem。If traditional payment methods have gradually been replaced by network payment，2018 China Network Payment scale exceeds the 2 billion yuan mark，The average annual compound growth rate is as high as 153%。But the complex operating mechanism of fintech has、Cross -regional influence ability and technical risk have made traditional financial supervision decline in its applicability，Use new regulatory ideas、Guide to policy，Avoid risks such as online money laundering and terrorist financing，It becomes more and more important to make it steady development。Fintech policy must encourage innovation to achieve the value of the times，Avoid the accumulation of risks and then grasp its rational boundary。As a leading country as the development of fintech，The successful experience of Britain and the United States and other countries has a certain reference meaning for my country's fintech policy and supervision。

　　The British "Active Innovation" supervision and support policy

　　2015，Former British Prime Minister Cameron announced the five -year plan for the development of fintech，Dedicated to achieve "creating the most friendly environment for global fintech investment", "becoming a global fintech center and the birth of at least 25 leading companies", and "creating 100,000 fintech jobs" three goals。A series of measures in the UK also confirmed the determination to develop fintech。

　　Britain's first "sandbox supervision" system，Promote "active innovation" supervision，Building a "Innovation Lab" for the enterprise。The business scope of fintech companies is evaluated、Bet365 lotto review Innovation、benefits brought to consumers、The necessity of "sandbox test" and after the company's background，Eligible companies enter the "sandbox supervision"，Performance of financial products and business models。The project that passed the "sandbox test" successfully conflicts with the current laws and regulations，It can also be authorized by the regulatory agency to promote a larger scale; items exposed in the test，Regulatory agency has the power to stop，But the company does not need to bear legal liability for the negative impact of the failure of the trial operation。Such a regulatory method not only removes the "illegal burden" of corporate innovation，Encourage bold innovation，Turn potential risks in the "cradle"，Let the regulatory agency adjust the regulatory measures according to the frontier innovation situation。

　　While paying attention to innovation，The United Kingdom also pays great attention to the protection of user personal information，The "Guidelines to Support Financial Technology and Financial Institutions" issued by the British Standards Association in 2018 proposed that financial institutions and fintech companies and fintech companies will be implemented after implementing the EU General Data Protection Regulations，Also bear more liability for the protection of user information。Fintech companies should pass the system、Process、Internal control and other measures to protect consumers' data access rights、Forgotten rights and other rights，and disclose the purpose of data processing to financial institutions and the range of collecting data，Pay attention to the assessment of privacy effects on various operation processes and possible risk leaks，Make sure the company has information leakage and early warning capabilities and timely processing capabilities。

　　To promote the development of fintech，British Financial Behavior Regulatory Bureau (FCA) launched the "Project Innovation" plan，It aims to provide direct consultation for fintech innovation companies，and adjust the bet365 live casino games regulatory policy and process in a timely manner by understanding the innovation and development of the enterprise。"Financial Technology Bridge Policy" and "Regulatory Science and Technology Policy" in the "Project Innovation" plan played an important role in promoting the development of fintech。Among them, the "Financial Technology Bridge Policy" refers to Britain signed a cooperation agreement with other countries，The financial technology companies of both parties have successfully entered the market，Provide information about market status and regulatory rules。This policy gives financial companies in other countries a chance to enter the British market，It has also enhanced the international competitiveness of British companies。"Regulatory Science and Technology Policy" refers to the reporting of data from regulatory enterprises to use technology to report data in regulatory data、Standard understanding、Reform and improvement in real -time prediction and regulatory structure。FCA In the process of supporting the development of supervision technology companies，Help regulatory technology companies to clarify regulatory requirements，and actively cooperate with it to formulate supervision technology standards。

　　The British government also provides tax policies for technological innovation。SMEs can enjoy 230%of the proportion of R & D expenditure deductions，Non -small and medium -sized enterprises enjoy 130%deduction ratio。SMEs who invest in e -commerce and information technology to enjoy 100%tax deduction policy。The "Patent Box" system also allows enterprises to pay income taxes obtained by patent rights at a rate of 10%，to encourage enterprises to develop patented technology and products。

　　The United States "restricted strict" supervision and encouragement policy

　　2018，US Securities and Exchange Commission (SEC) set up an innovation and fintech strategy center，provides a platform for domestic and foreign regulatory agencies and public participation in fintech governance，Promote fintech to a strategic height。

　　U.S. Implementation Function Supervision，Supervisory according to the financial function posted by the company。For example，Third -party payment with currency function belongs to the regulatory scope of the Monetary Supervision Department (OCC)，P2P business with asset securitization functions belongs to the SEC jurisdiction。This "restricted strict" supervision means，No matter what kind of different forms of fintech presentation，Always subject to the restrictions of the laws and regulations corresponding to the function。To maintain the advanced nature of supervision，2017 The United States released "Fintech White Paper"，Putting 10 principles，Clarify "Encourage the use of technology to improve the efficiency and effectiveness of finance，The regulatory concept of the supervision concept of fintech security and stability，Provided guidance for participants in the fintech market。In the same year，OCC issued the "Financial Technology Enterprise Application Evaluation Articles of Association" to issue a national bank license license license for voluntary application and meet the requirements，licensed fintech companies are constrained by banks，Activities that can only be engaged in the allowable range of banks，But also enjoy a better social reputation than unprepared companies because of the support of banks。

　　In addition to adjusting the policy principles of financial supervision，The United States is also aware of the way financial supervision in the digital age needs to change。Use the blockchain、Cloud computing、Emerging technologies such as artificial intelligence for scientific and technological supervision，Used to cope with massive data involved in fintech、Complex operations、High -frequency transaction and other regulatory difficulties，so as to improve supervision efficiency and accuracy，Realize risk real -time monitoring and timely warning。The US Securities and Exchange Commission has begun to use machine learning，Predict the application bet365 best casino games of the applicant and then evaluate its potential fraud possibilities。

　　While strengthening supervision，The United States also encourages innovation for consumers。Policy uncertainty facing innovative products， 2016 U.S. Consumer Financial Protection (CFPB) released "CFPB Innovation Rules"，The "No Inconsistent Letter" system proposed in which provides the product with an analogy mechanism for the product。Applicants need to explain the new convenience provided by innovative products for consumers、New risks brought by、Information to reduce risk guarantee measures and consumers' understanding of the product，So as to get the "no objection letter"，It means that CFPB does not implement mandatory supervision of this product。other，Various US departments have adopted different measures to encourage financial technology to innovate within a reasonable range。

　　The mature market -based credit reporting system in the United States also provides help for the development of fintech。"Government -led with the Chinese government、Different credit reporting systems of Internet giants，The earliest credit information information from the United States comes from physical merchants，Consumption data reflects personal credit，and merged acquisition through personal credit reporting agencies，Integrated data resources，Forming the current structure of the three major credit reporting agencies。The credit reporting industry also formed self -discipline organizations with self -constraints，Formulate industry regulations and standards，and promote communication between members，To build a complete credit reporting system，Help to avoid problems such as "different people different points" and "borrowing borrowing"。

　　Financial technology policy of other countries

　　In addition to the successful experience of Britain and the United States，Internationally there are financial technology policies in many countries worth learning from。Singapore, which is committed to building a "smart country", adopts a series of measures bet365 best casino games to provide financial technology innovation enterprises with support in funding and government services，Including organizing fintech innovation teams under the HKMA、Investing 225 million Singaporeice Promote the "Financial and Innovation Plan"、Establish a National Research Foundation and Fintech Department。Australia is not only tolerant of domestic financial technology development attitude，and also actively establish financial innovation cooperation with other countries，Including the Luxembourg Financial Supervision Committee、American Commodity Futures Trading Commission、The China Securities Regulatory Commission and others signed an agreement on the development and regulatory sharing information of the fintech field。India explores the application of fintech with a more cautious attitude，Including the establishment of the Indian School of Management Institute of Inclusive Financial Lab to conduct experimental observations of financial innovation enterprises。

　　Through inspections of financial technology supervision policy experience in Britain and the United States and Singapore，my country should formulate effective measures in accordance with the development status of domestic fintech。In terms of supervision，Regulatory agencies should actively understand the changes in the cutting -edge development of the fintech market，The basic principles of the regulatory supervision、Regulatory responsible subject and its regulatory scope and regulatory standards，Actively use scientific and technological means to reform the regulatory method，Preventing the potential financial risks and data leaks of financial technology，to protect the vital interests of investors and consumers。In terms of policy，Policy makers should strengthen the top -level design and overall planning，Actively investigate the difficulties facing fintech companies in the market，Gives certain policy discounts to fintech companies，and actively improve the credit reporting bet365 live casino games system，Support the development of fintech。

　　(This article is the Studies and Operation Mechanisms of Digital Supply Chain Financial Supporting New Agricultural Management Anthology "(19AJY018) phased results)

　　(Author Unit: Hangzhou Normal University; Zhejiang University of Finance and Economics)

Editor in charge: Changchang