Research On The Regulatory Sandbox System Under The Background Of Financial Technology

Prior to this,China’s financial technology has brought great challenges and impacts to the traditional financial supervision,and at the same time,it has rapidly formed a new financial ecology outside the traditional financial system..What financial technology,the FSB will be defined as financial technology: by way of a technical means to produce far-reaching impact of technology,products or services of financial markets,institutions and services.Keywords can be extracted from the two definitions,namely "innovation" and "influence." Innovation Unlike in the past,this is the result of the impact of science and technology in the financial sector.The coexistence of innovation and risk is not only a problem of financial technology development,but also an important issue that permanent financial regulatory agencies cannot avoid.Fintech has the essence of "disruptive innovation".This disruptive innovation is mainly reflected in not only bringing a revolutionary impact to the international financial field,but also promoting the reform and optimization of financial supervision.From the perspective of the essence of financial technology,it is embodied in the essential characteristics of "disruptive innovation".This disruptive innovation is mainly reflected in not only bringing revolutionary influence to the international financial field,but also promoting the reform of financial supervision and optimizing the financial supervision system.The failure to standardize financial technology supervision,information asymmetry,lack of coordination mechanisms for supervisory bodies,and backward financial technology legislation have led to the lack of current regulatory response.These series of difficulties have caused my country ’ s current financial regulatory system to be unable to adapt to the new regulatory requirements of financial technology.An effective regulatory means to deal with it.Establishing an effective new regulatory mechanism,taking innovation and risk into consideration,has become an inevitable regulatory choice in the context of financial technology.Throughout the world,it can be seen that the UK was the first to establish the "regulatory sandbox" system.According to the system,innovative financial technology enterprises can be allowed to test their innovative products or services in the established regulatory sandbox.Only after the products or services pass the test can they be put into the market.In the process of testing,the regulatory requirements can be navigated through communication,There is no need to comply with established regulatory rules.After that,countries and regions,including Australia and Hong Kong,have also established the system to meet the challenges of financial technology innovation.From the meaning of regulatory sandbox,the essence of regulatory sandbox system and the basic scope of regulatory sandbox legal system,this paper interprets the regulatory sandbox system.From the aspects of regulatory subject,regulatory sandbox application,review standards,regulatory rules,regulatory methods and consumer protection,this paper makes an in-depth understanding of the four regulatory sandbox modes in Britain,Australia,Singapore and Hong Kong.Through comparative analysis and summing up the foreign advanced experience,this paper points out that China has the possibility of establishing the supervision sandbox mode.The implementation of the regulatory sandbox system meets the objective requirements for the healthy development of my country’s financial technology,and is an inevitable requirement for strengthening financial technology supervision to adapt to the characteristics of my country’s financial technology mixed operation,which is conducive to resolving the contradiction between financial innovation trial and error and systemic risk prevention and control.This proves that it is necessary for my country to implement a regulatory sandbox system.my country’s legal and regulatory framework,stakeholder ecology,capabilities and available resources,market conditions,and policy priorities,as well as the practical basis of the five aspects of regulatory sandboxes in my country,determine the feasibility of regulatory sandboxes in my country.Combining with my country’s local status quo,summarize the experience applicable to my country’s financial technology supervision,and carry out localized thinking with Chinese characteristics on the supervision sandbox.By analyzing the current situation of my country’s financial supervision,the central and local authorities determine the supervisory subject and function,determine the supervisory subject and function,establish a limited legal authorization and liability exemption,establish a scientific sandbox test subject and object evaluation standard,and set the test process Interactive and compliant fault-tolerant measures,perfecting the protection of financial consumers’ rights and interests,clarifying the test period,and terminating the test and exiting arrangements to build a regulatory sandbox system.