| FinTech is for short of Financial Technology.FinTech technologically enables innovation in financial services that could result in new business models,applications,processes or products with an associated material effect on financial markets and institutions and the provision of financial services.FinTech innovations are poised to affect many different areas of financial services in the coming years.In recent years,Fintech has developed rapidly and has been discussed quite often by law field.Some of the techniques used by Fintech companies such as blockchain,big data and robo-advisor are regarded as improving the efficiency of financial transactions and diminish the cost of transactions.However,some issues like what is Fintech,what is the relationship between FinTech and internet finance,how to regulate Finance and to what extent should Fintech be governed are to be solved.This article focus on the regulation mode of FinTech,and illustrate that regulators shall regulate Fintech companies by the business actually carried by FinTech companies rather than regulate the aforesaid companies by their names.And it is essential to differentiate FinTech from internet finance and traditional finance.While FinTech and internet finance are two different concepts,the essence of both are still finance.The way how to govern the transactions they evolve will not be significantly different.On this basis,the author introduces the regulation structures as adopted by current main international organizations and nations to govern Fintech.And considering the structure of People's Bank of China(PBOC),China Securities Regulatory Commission(CSRC),China Banking and Insurance RegulatoryCommission(CBIRC),this article will put forward the regulation mode which suits China's financial situation.This article is constituted by the following four chapters.The first chapter introduces the concept of FinTech with the focus on differentiating FinTech between Internet finance and traditional finance.This chapter is the basis for the whole article.Regulation on FinTech will only be meaningful after figuring out what FinTech is.The first section introduces the development of internet finance in China and compares internet finance to traditional finance.The second section illustrates the concept of FinTech,and quote the definition used by FSB,IOSCO and other international organizations.Also,this part introduces the main new techniques used by FinTech companies,including blockchain,big data and robo-advisory.The third section compares the difference and relationship between FinTech and internet finance.This part aims to state that FinTech in China has its unique background,it developed on the basis of internet finance.FinTech companies not only include those traditional finance companies transferred during the internet finance rectification activities,but also the ones join in in the rapid development of FinTech trend.However,FinTech and Internet Finance in their essence are finance.While the new techniques used largely improve the efficiency and diminish the cost of transaction,they have not changed the essence of finance.The second chapter introduces the regulator of FinTech companies.The first section put forward that regulators shall govern FinTech according to functional regulation method.This part also introduce the definition and advantages of functional regulation and illustrate the necessity to govern FinTech by way of functional regulation.The second section introduces the specific responsibilities the "PBOC-CSRC-CBIRC " structure should bear.The third section discusses the necessity o established the uniformed regulation organization.This section analyzes the research findings of the main international organizations,including BIS,BCBS and IOSCO.By comparing with the sandbox system adopted by UK and no action letter and license system adopted by US,this section also analyzes the function and development trend of the uniformed organizations in our country-The FinTech Committee and Finance Stability Development Committee.The third chapter discuss to what extent should FinTech be regulated.Regulation on FinTech should not be regarded as a simple question and adopt only one rule.In the first section,it emphasizes that regulation shall be strengthen on the business where the transparency is low and the risk is relatively high.The typical business like this is P2 P.The second section on the other hand states that for those business who promotes the efficiency of financial market and are relatively transparent,it is important to create a regulation environment which suits their development.Crowd funding is been used as an example to illustrate the reason here.The last chapter introduces the protection of personal information of investors.The first section states that the fully use of personal information is the source power of FinTech.In the age of big data,most of the core asset of FinTech companies exists as the form of data.The second section analyze the potential risk and effect of utilizing personal information.On the base of section 1 and 2,the third section put forward that it is important to coordinate the development of FinTech and protection of personal information.Besides,it is also essential to learn the useful suggestions from the successful experience abroad. |
