論金融科技發展的監理難題與法制策略──以我國的規範與實踐為核心

Regulatory Conundrums andLegal/Regulatory Strategies forFinTech Developments:Focusing on the Regulations andPractices in Taiwan

金融科技的浪潮重塑了金融服務的疆界，同時也為金融監理機關迎來前所未見的艱鉅挑戰。本文嘗試提出有助釐清最為核心之金融科技監理實務難題的分析框架，希冀幫助監理機關在面對「作業」、「業務」及「市場」三個層次之金融科技創新時，思考並制定因應之策。透過此一分析框架，本文梳理出三大核心監理難題：「監理資源匱乏」、「監理協作困難」以及「監理實證不足」，並透過三個與上述難題息息相關的法制挑戰：「委外監理」、「產金分離」及「市場開放」來具體分析這些難題的內涵，並以我國的規範現況與實踐為論述核心，提出可以有效回應前開監理難題的三大法制策略芻議：「監理實驗及行為洞察機制」、「消費者賦權的基礎法制設施」以及「數位監理申報及產業沙盒」。

The rapid development of FinTech has transcended and reframedboth the industrial and geographical boundaries of the delivery offinancial services. It presents not only enormous opportunities for theindustry and economic developments but also poses unprecedentedchallenges to financial regulatory authorities. This article proposesananalytical framework that aims to help the authorities better answer thequestion of whether to give permissions to different FinTech activitiesand how to effectively regulate them based on three different levels theFinTech activities involve—Operation Level, Business Level, andMarket Level.Under the Analytical Framework, this article identifies three keyregulatory conundrums: the lack of regulatory resources, the difficultyof regulatory collaboration and the undersupply of regulatoryempiricism, and their corresponding challenges in three regards—regulatory outsourcing, separation of banking and commerce, andmarket open-up. This article then proposes feasible legal and regulatorystrategies that can effectively tackle the three conundrums, anddemonstrate how these strategies can be practically applied based onanalyses of the current market and regulatory developments in Taiwan.The said strategies are: Utilizing Regulatory Experiments and BehaviorInsights Mechanisms, Establishing Legal Infrastructures for ConsumerEmpowerment, and Pushing for Digital Regulatory Reporting and thecreation of Industry Sandboxes.