論金融科技的包容審慎監管

金融科技是技術驅動的金融創新，能夠形成新的商業模式、應用、流程或產品，並對金融服務提供產生重大影響。對金融科技的監管應當遵循包容審慎原則。包容監管的立足點在於金融科技的創新性，體現在增強金融包容、提高交易效率、促進市場競爭方面；審慎監管的著眼點則在於金融科技的風險性，表現為技術操作風險、資料安全風險和資訊不對稱風險。包容審慎監管意在兼顧金融、科技、創新這三個關鍵字，在創新與規範、效率與安全、操作彈性與制度剛性之間尋求恰當平衡，確保金融科技穩健有序發展。應當基於金融科技的破壞性創新本質，確立適應性監管的基本思路；通過強化監管協調、落實功能監管、厘定央地許可權，構建風險覆蓋更加周延的金融監管體制機制；發揮監管科技的特有作用，以科技驅動的監管創新應對科技驅動的金融創新。

Financial technology, or FinTech, is defined as technology-enabled innovation in financial services that could result in new business models, applications, processes or products with an associated substantial effect on the provision of financial services. The regulation of FinTech should be inclusive and prudential. Inclusive regulation has its footing on the innovative aspect of FinTech, including enhancing financial inclusion, increasing transaction efficiency and promoting market competition; while prudential regulation eyes at the risk aspect of FinTech, as manifested in technological and operational risk, data security risk, and information asymmetry risk. Fundamentally, inclusive and prudential regulation is to look at the essence of FinTech, considering the three key elements of finance, technology and innovation. It endeavors to strike a balance between innovation and normalization, efficiency and security, and institutional rigidity and operational flexibility. First, based on the nature of ''disruptive innovation'' of FinTech, the idea of adaptive regulation should be established to improve on the flexibility and effectiveness of regulation. Second, in order to cover the relevant risks more comprehensively, the regulatory system and mechanisms should be improved by means of strengthening regulatory coordination, delivering functional regulation, and clarifying the division of regulatory powers between the central and local governments. Third, regulatory technology should play its peculiar role, so as to encounter technology-enabled financial innovation with technology-enabled regulatory innovation.