Anti-monopoly Law Regulation Of Digital Financial Platform:Challenges And Countermeasures

Digital financial platform emerges from the third-party payment business,and gradually expands to different aspects of financial industry,essentially becoming key nodes of financial business.The development of digital financial platform has positive social and economic significances:it makes up for the shortage of traditional financial provision,improves the convenience of financial services,expands the application of behavioral data,and promotes the digital transformation of the entire financial system.However,chaos of excessive competition and oligopoly exists,which has negative effect on competitions.Digital financial platform has the characteristics of dynamic competition,multilateral platform and scale effect,which brings challenges to the application of traditional anti-monopoly law.It is necessary to clarify the paradox of competition and innovation,protect competition or protect competitors,structuralism and behaviorism,financial regulation and anti-monopoly regulation at value level.At the technical operation,the definition of relevant market is the starting point of anti-monopoly law enforcement.In Chinese anti-monopoly practice,demand substitution method,supply substitution method and SSNIP test method are used to define relevant market.However,these methods are created in the unilateral market structure and taking price as the regulatory factor,which constitutes an unsurpassable obstacle in the anti-monopoly enforcement of digital financial platform.From the perspective of business model,the problems of digital financial platform are caused by data.Data regulation is a comprehensive problem,which is not only involved in the anti-monopoly law.The platform collects and processes data all the time,superimposing the sensitivity of financial data,which deepens the complexity of data governance of digital financial platform.Data,as a factor of production,is inherently neutral.What causes anti-monopoly concerns is the collection and application of data in the data value chain,which should also be based on the consideration of structuralism or behaviorism in the value part.Anti-monopoly is against the illegal collection and application of data.In this paper,the principle of rational analysis is applied to analyze the positive and negative effects of digital financial platform on data collection and application,exploring the possibility of introducing the principle of necessary facilities.As a subdivision of digital platform,digital financial platform has financial attributes.When discussing anti-monopoly,we need to comprehensively consider its financial data sensitivity,"long tail user" consumer characteristics,"too big to fail" risk and systemic importance in the national financial system.Digital financial platform has special operation structure,and its risk exposure is often greater than that of traditional finance.It is based on the recognition and prevention of high risks,that high-intensity supervision is the main line currently.However,as the development of platform economy in recent years,especially the COVID-19 epidemic has further boosted the digital transformation of traditional economy,and the monopoly problem of digital financial platform has become more obvious,and the effect of restricting competition caused by digital financial platform is in urgent need of anti-monopoly law regulation.