金融科技監(jiān)管的制度安排 監(jiān)管監(jiān)督 nstitutional Arrangements for Fintech Regulation Supervisory

InstitutionalArrangementsforFintechRegulation:Supervisory金融科技監(jiān)管的制度安排：監(jiān)管監(jiān)督ExecutiveSummary執(zhí)行摘要Reflectingpotentialefficiencyandinclusiongains,technology-enabledinnovationinfinancialservices(fintech)hasincreasedgreatlyoverthepastdecade,andaregulatoryresponseisneededtoensurethatnewrisksarepromptlyandaccuratelyidentifiedandaddressed.Fintechisbeingusedacrossfinancialservicestogenerateefficienciesandlowercostsforfirms,improvecompliance(RegTech),andhelpregulatoryauthoritiesachievetheirobjectives(SupTech).Importantly,fintechishavinganimpactonmarketsworldwideinbothadvancedeconomiesandemergingmarketanddevelopingeconomies(EMDEs).在過去十年中，金融服務(wù)(金融科技)的技術(shù)創(chuàng)新大幅增加，反映了潛在的效率和包容性收益，需要監(jiān)管應(yīng)對(duì)措施，以確保及時(shí)準(zhǔn)確地識(shí)別和應(yīng)對(duì)新的風(fēng)險(xiǎn)。金融科技正被用于金融服務(wù)領(lǐng)域，為公司提高效率和降低成本，提高合規(guī)性(RegTech，監(jiān)管科技)，并幫助監(jiān)管機(jī)構(gòu)實(shí)現(xiàn)其目標(biāo)(SupTech，監(jiān)管科技)。重要的是，金融科技正在對(duì)發(fā)達(dá)經(jīng)濟(jì)體、新興市場(chǎng)和發(fā)展中經(jīng)濟(jì)體(EMDEs)的全球市場(chǎng)產(chǎn)生影響。Inmanyjurisdictions,theuseoffintechisdrivenbystart-ups;inothers,itismostoftendeployedbylargetechnologyconglomerates(BigTech)andincumbentfinancialinstitutions.Regulatoryresponsesshouldidentifyandaddresstherisksgeneratedbyfintech,andtheapproachshouldbetailoredtothenatureofthefintechinnovationanditsimpactonfinancialservicesprovision.在許多司法管轄區(qū)，金融科技的使用是由初創(chuàng)企業(yè)推動(dòng)的;在其他司法管轄區(qū)，它通常是由大型科技集團(tuán)(BigTech)和現(xiàn)有金融機(jī)構(gòu)部署的。監(jiān)管應(yīng)對(duì)措施應(yīng)識(shí)別和解決金融科技帶來的風(fēng)險(xiǎn)，并根據(jù)金融科技創(chuàng)新的性質(zhì)及其對(duì)金融服務(wù)提供的影響量身定制方法。Wherefintechisusedtodeliverexistingproductsorservicesatlowercostsand/orinsuperiorways,atechnology-neutralapproachtoregulationmightsensiblymanagerisks.Whereproductsandserviceschangeconsiderablyduetotheimpactoffintech,newbespokeregulationprovidesabetterapproach.Wherefintechhasspurrednewbusinessmodelsorthetechnologyhasgeneratednewrisks,a“test-andlearn”approachhasbeenusedtobetterunderstandthesenewtechnologies.Thisnotesummarizesexistingkeyinstitutionalarrangementsforfintechregulationwithafocusonsupervisorymonitoring,coveringrisks,particularlywherethesemightaffectfinancialstability.當(dāng)金融科技被用于以更低的成本和/或更高的方式提供現(xiàn)有產(chǎn)品或服務(wù)時(shí)，技術(shù)中立的監(jiān)管方法可能會(huì)明智地管理風(fēng)險(xiǎn)。由于金融科技的影響，產(chǎn)品和服務(wù)發(fā)生了很大變化，新的定制監(jiān)管提供了更好的方法。當(dāng)金融科技刺激了新的商業(yè)模式或技術(shù)產(chǎn)生了新的風(fēng)險(xiǎn)時(shí)，“測(cè)試和學(xué)習(xí)”的方法被用來更好地理解這些新技術(shù)。本報(bào)告總結(jié)了金融科技監(jiān)管的現(xiàn)有主要制度安排，重點(diǎn)是監(jiān)管監(jiān)測(cè)，涵蓋風(fēng)險(xiǎn)，特別是可能影響金融穩(wěn)定的風(fēng)險(xiǎn)。Todeterminethesizeandtypeofnewrisksgeneratedbyfintech,itisimportantforauthoritiestocloselymonitordevelopments.Fintechcanaffectmarketconductandintegrity,andfinancialsystemsoundnessinseveralways.Iftheuseoffintechgrowsrapidlyoutsideoftheregulatedsector,itcangenerateriskstomarketconductandintegrityifdevelopmentsaren’tsufficientlymonitoredandregulatoryactiontaken(forexample,cryptoassetmarkets,wherethelackofconductandprudentialregulationhasledtosignificantuserlossesandmarketmanipulation).Fintechcanaffectthewiderfinancialsystemthroughtheinterconnectednessofstart-upsorBigTechwithregulatedfinancialinstitutions,withthelatterpartneringoroutsourcingcertainelementsoftheirbusiness(forexample,theuseofcloudcomputing).Finally,newfintechdevelopmentsmightquicklybecomesystemicduetonetworkeffects(forexample,whenBigTechprovidesfinancialservices).Tomanagerisks,authoritiesneedtomonitornewdevelopmentseffectively.為了確定金融科技產(chǎn)生新風(fēng)險(xiǎn)的規(guī)模和類型，當(dāng)局必須密切監(jiān)測(cè)事態(tài)發(fā)展。金融科技可以從幾個(gè)方面影響市場(chǎng)行為和誠(chéng)信，以及金融體系的健全。如果金融科技在監(jiān)管部門之外的使用頻率迅速增長(zhǎng)，且沒有充分監(jiān)測(cè)發(fā)展趨勢(shì)并采取監(jiān)管行動(dòng)，它可能會(huì)對(duì)市場(chǎng)行為和誠(chéng)信產(chǎn)生風(fēng)險(xiǎn)(例如，加密資產(chǎn)市場(chǎng)缺乏行為和審慎監(jiān)管導(dǎo)致重大用戶損失和市場(chǎng)操縱)。金融科技可以通過初創(chuàng)企業(yè)或大型科技集團(tuán)與受監(jiān)管的金融機(jī)構(gòu)的相互聯(lián)系，影響更廣泛的金融體系，后者合作或外包其業(yè)務(wù)的某些要素(例如，云計(jì)算的使用)。最后，由于網(wǎng)絡(luò)效應(yīng)，當(dāng)大型科技集團(tuán)提供金融服務(wù)時(shí)，新的金融科技發(fā)展可能很快成為系統(tǒng)性效應(yīng)。為了管理風(fēng)險(xiǎn)，當(dāng)局需要有效地監(jiān)測(cè)新的事態(tài)發(fā)展。Inmostjurisdictions,existingsupervisorystructurescansupporttheeffectivemonitoringofnewdevelopments.Supervisorsgenerallyhaveestablishedrelationshipswithregulatedentitiesandcanidentifyrisksandgatherinsightsrelatedtofintechdevelopmentsinatimelymanner.Supervisoryteamsoftenhaveasoundunderstandingoffinancialmarketsandcancallonsubjectmatterexpertswherenecessary.Thisallowssupervisorstotriagenewdevelopmentsandrisksandprioritizeaccordingly,contextualizingfintechdevelopmentswithotherriskstothebroaderfinancialsystem.Existingsupervisorystructurescanalsoembedfintechexpertisewithintheteamormakeuseofengagementtouchpointslikedemonstrationdaystoimprovemonitoringofnewtrendsanddevelopments.Thegoalforauthoritiesshouldbetoconsiderfintechaspartoftheirbroaderworkratherthanastandalonediscipline.在大多數(shù)司法管轄區(qū)，現(xiàn)有的監(jiān)督結(jié)構(gòu)可以實(shí)現(xiàn)對(duì)新發(fā)展部門的有效監(jiān)測(cè)。監(jiān)管機(jī)構(gòu)通常與受監(jiān)管實(shí)體建立了關(guān)系，能夠及時(shí)識(shí)別風(fēng)險(xiǎn)并收集與金融科技發(fā)展相關(guān)的見解。監(jiān)管團(tuán)隊(duì)通常對(duì)金融市場(chǎng)有充分的了解，并可以在必要時(shí)召集相關(guān)領(lǐng)域的專家。這使得監(jiān)管機(jī)構(gòu)能夠?qū)π碌陌l(fā)展和風(fēng)險(xiǎn)進(jìn)行分類，并相應(yīng)地確定優(yōu)先級(jí)，將金融科技發(fā)展與更廣泛金融體系的其他風(fēng)險(xiǎn)結(jié)合起來?，F(xiàn)有的監(jiān)管結(jié)構(gòu)也可以在團(tuán)隊(duì)中嵌入金融科技專業(yè)知識(shí)，或者利用參與接觸點(diǎn)(如示范日)來改善對(duì)新趨勢(shì)和發(fā)展的監(jiān)控。當(dāng)局的目標(biāo)應(yīng)該是將金融科技視為其更廣泛工作的一部分，而不是一門獨(dú)立的學(xué)科。Existingsupervisorystructuresworkbestwherefintechdevelopmentsarelimited,resourcesareconstrained,orfintechisconsideredpartofthemainstreamduetomaturationandlarge-scaleadoption.Injurisdictionswherethefintechecosystemissmallorgrowingslowly,existingsupervisorystructurescansupporteffectiveoversightofnewdevelopmentsandrisks.Likewise,wherefintechdevelopmentisledbyregulatedfinancialinstitutions,supervisoryteamsarebestplacedthroughtheirexistingsupervisoryportfoliostomonitornewrisks.Thisisalsothecasewhereadoptionisspreadacrosssectorsandbordersandhasmaturedintothemainstreamwithlittledistinctionbetweenfintech-enabledinnovationandmainstreamfinancialservices.Insuchcases,existingsupervisorystructureswilllikelybeabletocapturenewriskseffectively.Thismayalsobethebestapproachwhenanauthorityhasconstrainedresources,sincemonitoringcarriedoutwithinexistingstructureswouldavoiddivertingresourcesfromareasofgreaterpriority.Measuresmayalsobetakentodampengrowththroughtargetedrestrictions.在金融科技發(fā)展有限、資金有限或金融科技因成熟和大規(guī)模采用而被視為主流的情況下，現(xiàn)有的監(jiān)管結(jié)構(gòu)最有效。在金融科技生態(tài)系統(tǒng)規(guī)模較小或增長(zhǎng)緩慢的司法管轄區(qū)，現(xiàn)有的監(jiān)管結(jié)構(gòu)可以支持對(duì)新發(fā)展和風(fēng)險(xiǎn)的有效監(jiān)督。同樣，在金融科技發(fā)展由受監(jiān)管的金融機(jī)構(gòu)主導(dǎo)的地方，監(jiān)管團(tuán)隊(duì)最好通過其現(xiàn)有的監(jiān)管組合來監(jiān)控新的風(fēng)險(xiǎn)。在這種情況下，金融技術(shù)的采用也在跨部門和跨國(guó)界傳播，并已成熟為主流，而金融技術(shù)支持的創(chuàng)新和主流金融服務(wù)之間幾乎沒有區(qū)別。在這種情況下，現(xiàn)有的監(jiān)管結(jié)構(gòu)可能能夠有效地捕捉新的風(fēng)險(xiǎn)。當(dāng)一個(gè)當(dāng)局資源有限時(shí)，這也可能是最好的辦法，因?yàn)樵诂F(xiàn)有結(jié)構(gòu)內(nèi)進(jìn)行監(jiān)測(cè)將避免從更優(yōu)先的領(lǐng)域轉(zhuǎn)移資源。還可能采取措施，通過有針對(duì)性的限制來抑制增長(zhǎng)。Innovationhubscanplayaroleinimprovingsupervisorymonitoringbutshouldnotbeconsideredapanacea.Wheretheimpactoffintechisgrowingrapidlyandispoorlyunderstood,theuseofregulatorytouchpointslikeinnovationhubsisasensiblesteptostrengthenmonitoring,improveunderstanding,andprovidefeedbacktofirms.Interagencyinnovationhubsmightbeparticularlyusefulinjurisdictionswithmultiple-sectororregionalregulators.Inthesejurisdictions,theevolvingnatureoffintechmightjustifynewinstitutionalarrangementsevenwithinasteadystate.However,successfulinnovationhubsrequirefeasibilitystudies,thedevelopmentofclearobjectives,anstrongorganizationalbuy-in.Theycanbecostlyandcoulddivertresourcesfromotherpriorityareas;whereinherentstructuraldeficienciesinsupervisorystructuresexist,theycouldamplifythoseweaknesses.創(chuàng)新中心可以在改善監(jiān)管監(jiān)督方面發(fā)揮作用，但不應(yīng)被視為靈丹妙藥。在金融科技的影響迅速增長(zhǎng)且人們對(duì)其知之甚少的情況下，利用創(chuàng)新中心等監(jiān)管接觸點(diǎn)是加強(qiáng)監(jiān)控、增進(jìn)理解并向公司提供反饋的明智舉措。跨部門創(chuàng)新中心在擁有多部門或區(qū)域性監(jiān)管機(jī)構(gòu)的司法管轄區(qū)可能特別有用。在這些司法管轄區(qū)，金融科技不斷發(fā)展的性質(zhì)可能證明，即使在穩(wěn)定狀態(tài)下，新的制度安排也是合理的。然而，成功的創(chuàng)新中心需要可行性研究、制定明確的目標(biāo)和強(qiáng)有力的組織支持。它們可能代價(jià)高昂，并可能從其他優(yōu)先領(lǐng)域轉(zhuǎn)移資源;如果存在監(jiān)督結(jié)構(gòu)固有的結(jié)構(gòu)性缺陷，它們可能會(huì)擴(kuò)大這些弱點(diǎn)。Insomejurisdictions,approacheslikesandboxescansupportsupervisorymonitoringundercertainconditions.Sandboxesareresource-intensivehypothesis-ledinitiativesthatallowfirmstotestinnovativepropositionswithrealconsumersinacontrolledenvironment.Whereresourcesareavailableandfintechdevelopmentsarelikelytohaveaconsiderableimpactonexistingregulation,sandboxesallowauthoritiestomonitordevelopmentscloselyandcanhelpthemtogetcomfortablewithnewtechnologiesandbusinessmodels.Sandboxes,however,areexpensiveanddiverseindesign,andrequiresignificantresourcesdedicatedtosupportingasmallnumberoffirms.Othertools,likeTechSprints,canalsohelpinformregulatoryauthoritiesofnewfintech-enableddevelopments.Usedasmonitoringtoolsonly,existingsupervisorystructuresandtouchpointslikeinnovationhubsarelikelytodeliverbetteroutcomess.在某些司法管轄區(qū)，沙箱等方法可以在某些條件下支持監(jiān)督監(jiān)控。沙盒是一種資源密集型假設(shè)主導(dǎo)的舉措，允許企業(yè)在受控環(huán)境中與真實(shí)的消費(fèi)者一起測(cè)試創(chuàng)新主張。在資源充足且金融科技發(fā)展可能對(duì)現(xiàn)有監(jiān)管產(chǎn)生重大影響的情況下，沙箱使當(dāng)局能夠密切監(jiān)測(cè)發(fā)展，并幫助他們適應(yīng)新技術(shù)和商業(yè)模式。然而，沙盒在設(shè)計(jì)上是昂貴且多樣化的，并且需要大量的資源來支持少數(shù)公司。其他工具，如techsprint，也可以幫助監(jiān)管機(jī)構(gòu)了解金融科技的新發(fā)展。如果只把現(xiàn)有的監(jiān)管結(jié)構(gòu)和創(chuàng)新中心等接觸點(diǎn)用作監(jiān)控工具，可能會(huì)產(chǎn)生更好的結(jié)果。Regardlessoftheinstitutionalarrangement,appropriatedeploymentofspecialistresourceswithinauthoritiescanservemultipleimportantgoals,suchashelpingtomonitorandrespondtorisksproperly,supportingabettermappingofinnovativetechnologytosupervisoryneeds,andassistingfirmsindevelopingfintech-basedpropositions.無論制度安排如何，在當(dāng)局內(nèi)適當(dāng)部署專家資源都可以實(shí)現(xiàn)多個(gè)重要目標(biāo)，例如幫助適當(dāng)監(jiān)測(cè)和應(yīng)對(duì)風(fēng)險(xiǎn)，支持更好地將創(chuàng)新技術(shù)與監(jiān)管需求相匹配，以及幫助企業(yè)制定基于金融科技的建Wherethefintechecosystemisgrowingatpaceandauthoritiesneedtogetabetterunderstandingofhowfintechmightaffectthefinancialsystem,specialistresourcesareneededtobettermonitorandrespondtorisks.Inmostcases,thisspecialistresourcecan—andshould—beembeddedintoexistingsupervisorystructures,bothwhenitisbeingusedtomonitortheimpactoffintechonfinancialmarketsandwhenauthoritiesareusingtechnologytoimprovetheirowncapabilities(SupTech).金融科技生態(tài)系統(tǒng)正在快速發(fā)展，當(dāng)局需要更好地了解金融科技如何影響金融體系，因此需要專業(yè)資源來更好地監(jiān)測(cè)和應(yīng)對(duì)風(fēng)險(xiǎn)。在大多數(shù)情況下，這種專業(yè)資源能夠，而且也應(yīng)該嵌入到現(xiàn)有的監(jiān)管結(jié)構(gòu)中，無論是用于監(jiān)測(cè)金融科技對(duì)金融市場(chǎng)的影響，還是當(dāng)監(jiān)管單位利用技術(shù)提高自身能力時(shí)(監(jiān)管科技)。Whiledatascientistsinauthoritiesaroundtheworldhavecreatedinterestingandinnovativeprojects,theseoftenfailtoreachproductionwithinfrontlinesupervisionteams.Embeddingdatascientistswithinfrontlinesupervisionteamscanallowthemtobetteridentifytheneedsofsupervisors.雖然世界各地權(quán)威機(jī)構(gòu)的數(shù)據(jù)科學(xué)家創(chuàng)造了有趣和創(chuàng)新的項(xiàng)目，但這些項(xiàng)目往往無法在一線監(jiān)管團(tuán)隊(duì)中實(shí)現(xiàn)。將數(shù)據(jù)科學(xué)家安置在一線監(jiān)管團(tuán)隊(duì)中，可以讓他們更好地識(shí)別監(jiān)管人員的需求。Formanyauthorities,themostimportantnextstepisoneofbringingfintechintothemainstream,which,ifsuccessful,canhelpthemandfirmstodevelopfintech-basedpropositions.Movinginthisdirectionwouldmeanequippingpolicymakersandsupervisorswithtrainingonkeyfintechdevelopmentsinlocalandglobalmarkets.對(duì)于許多權(quán)威機(jī)構(gòu)來說，最重要的一步是將金融科技納入主流，如果成功，可以幫助他們和公司開發(fā)基于金融科技的主張。朝著這個(gè)方向發(fā)展意味著為政策制定者和監(jiān)管者提供有關(guān)本地和全球市場(chǎng)關(guān)鍵金融科技發(fā)展的培訓(xùn)。Collaborationwithregulatorypeersandinternationalbodiesstrengthensmonitoring.Giventhecross-bordernatureoffintech,newtechnologies,businessmodels,andproductsandservicesdrivenbyfintecharelikelytoaffectfinancialmarketsacrossborders.Theabilitytoshareinformationandinsightsandexchangelearningsandbestpracticescanhelpauthorities—particularlythosewithlessfintechexpertiseorresourceavailability—tobettermonitornewfintechdevelopments,understandemergingrisks,andcreateframeworkstomitigatetheseriskswhileharnessingtheirbenefits.Suchcollaborationcanbebilateralwithcloseregulatorypeers,throughtechnicalassistanceprogramsledbyinternationalorganizations,ormultilateralthroughstandard-settingbodiesandotherorganizations.Internationalcooperationisanecessity—regardlessofotherconsiderationsofinstitutionalarrangements.與監(jiān)管同行和國(guó)際組織加強(qiáng)合作監(jiān)控。鑒于金融科技的跨境性質(zhì)，由金融科技驅(qū)動(dòng)的新技術(shù)、商業(yè)模式、產(chǎn)品和服務(wù)可能會(huì)影響跨境金融市場(chǎng)。共享信息和見解以及交流學(xué)習(xí)經(jīng)驗(yàn)和最佳實(shí)踐的能力可以幫助當(dāng)局，特別是那些缺乏金融科技專業(yè)知識(shí)或資源可用性的當(dāng)局，更好地監(jiān)測(cè)新的金融科技發(fā)展，了解新出現(xiàn)的風(fēng)險(xiǎn)，并創(chuàng)建框架以減輕這些風(fēng)險(xiǎn)，同時(shí)利用其收益。這種合作可以是與密切的監(jiān)管同行的雙邊合作，也可以是通過國(guó)際組織領(lǐng)導(dǎo)的技術(shù)援助項(xiàng)目，也可以是通過標(biāo)準(zhǔn)制定機(jī)構(gòu)和其他組織的多邊合作。國(guó)際合作是必要的——無論對(duì)制度安排的其他考慮如何。Introduction介紹Theuseoftechnologyinfinancialservicesisnotanewphenomenon,butrecentdevelopmentshaveincreaseditspace,scope,andimpact.Whilethefinancialservicessectorhashistoricallybeenatthecuttingedgeoftechnologicalinnovation,acombinationoffactorsdrivingthiscurrentgenerationoffintechseparatesitfrompreviousinnovations,includingenablingtechnologiesintheformofincreasinginternetandsmartphoneavailabilityaroundtheworld;thedemocratizationoffinance;theavailabilityanduseofbigdata;andtheexistenceofenablingpolicies,suchasdataprotection,cybersecuritystandards,andopenbanking.在金融服務(wù)中使用技術(shù)并不是一個(gè)新現(xiàn)象，但最近的發(fā)展增加了其速度、范圍和影響。雖然金融服務(wù)行業(yè)歷來處于技術(shù)創(chuàng)新的前沿，但推動(dòng)當(dāng)前這一代金融科技發(fā)展的一系列因素將其與以往的創(chuàng)新區(qū)分開來，包括全球互聯(lián)網(wǎng)和智能手機(jī)普及率不斷提高的賦能技術(shù)、金融民主化、金融創(chuàng)新等。大數(shù)據(jù)的可用性和使用;以及數(shù)據(jù)保護(hù)、網(wǎng)絡(luò)安全標(biāo)準(zhǔn)和開放銀行等扶持政策的存在。Newtechnologycanpropelefficiencywhenitlowerscostsforfirmsandcanpromoteinclusionwhentheseefficienciesarepassedontoendusersandwhentheyenableanexpansionofserviceprovisiontoawidercross-sectionofsociety.Usingtheinternetasafoundation,enablingtechnologieslikemachinelearning,distributedledgertechnology(DLT),distributedcomputing,cloudcomputing,biometrics,andapplicationprogramminginterfaces(APIs)haveledtonewmethodsofdesign,development,anddeliveryofnewandexistingproductsandservicestoalargernumberofconsumers.Ithasallowedforthecreationofnewwaysofcarryingouttraditionalfinancialservices,includingroboadviceandWealthTech,e-moneyanddigitalpayments,cryptoassetsanddecentralizedfinance,dynamicfrauddetection,crowdfundingandpeer-to-peerlending,digitalbanking,andInsurTech.當(dāng)新技術(shù)降低企業(yè)成本時(shí)，它可以提高效率;當(dāng)這些效率傳遞給最終用戶時(shí)，當(dāng)它們能夠?qū)⒎?wù)提供擴(kuò)大到更廣泛的社會(huì)階層時(shí)，它可以促進(jìn)包容性。以互聯(lián)網(wǎng)為基礎(chǔ)，機(jī)器學(xué)習(xí)、分布式賬本技術(shù)(DLT)、分布式計(jì)算、云計(jì)算、生物識(shí)別和應(yīng)用程序編程接口(api)等技術(shù)已經(jīng)為更多的消費(fèi)者帶來了設(shè)計(jì)、開發(fā)和交付新產(chǎn)品和現(xiàn)有服務(wù)的新方法。它允許創(chuàng)建執(zhí)行傳統(tǒng)金融服務(wù)的新方式，包括機(jī)器人咨詢和財(cái)富科技，電子貨幣和數(shù)字支付，加密資產(chǎn)和去中心化金融，動(dòng)態(tài)欺詐檢測(cè)，眾籌和點(diǎn)對(duì)點(diǎn)貸款，數(shù)字銀行和保險(xiǎn)科技。Fintechcanfacilitatefinancialinclusion,albeitsupportingeffortbyauthoritiesmaybeessentialtosecuringsuchsocialgains.Forexample,thegrowthofmobilemoneyinGhanahasincreasedtheaccesstofinancialservicesofpreviouslyunbankeddemographics,particularlyadultsinruralareas:35percentofadultsinruralareasreporthavingusedtheservicebetween2014and2017.However,therapidpaceofdigitizationhascreatedadangerofleavingsomepartsofthepopulationbehind,particularlywheredigitalliteracyislowortheavailabilityoftheunderlyinginfrastructureisunderdeveloped.金融科技可以促進(jìn)普惠金融，盡管當(dāng)局的支持努力可能對(duì)確保這種社會(huì)收益至關(guān)重要。例如，加納移動(dòng)貨幣的增長(zhǎng)提高了以前沒有銀行賬戶的人口獲得金融服務(wù)的機(jī)會(huì)，特別是農(nóng)村地區(qū)的成年人:35%的農(nóng)村地區(qū)成年人報(bào)告說，他們?cè)?014年至2017年期間使用過這項(xiàng)服務(wù)。然而，數(shù)字化的快速發(fā)展帶來了將部分人口落在后面的危機(jī)，特別是在數(shù)字素養(yǎng)較低或基礎(chǔ)設(shè)施建設(shè)不發(fā)達(dá)的地區(qū)。Activitiessupportedbyfintecharedeliveredbybothnewandexistingentities.Muchoftheearlyfintechrevolutionwasdeliveredbysmallerso-calledfintechstart-upsandlargerfintech-drivenfirms.Morerecently,fintechisincreasinglybeingusedbydigitalnativeentitieslikelargetechnologyconglomerates,initiallybasedoutsideoffinancialservices(commonlyknownasBigTechs),andbyregulatedincumbentfinancialinstitutionssuchasbanks,insurers,andassetmanagersthatareshiftingtowardmoredigitalmodelsofoperation.由金融科技支持的活動(dòng)由新實(shí)體和現(xiàn)有實(shí)體提供。早期的金融科技革命大多是由規(guī)模較小的所謂金融科技初創(chuàng)企業(yè)和規(guī)模較大的金融科技驅(qū)動(dòng)型企業(yè)推動(dòng)的。最近，金融科技越來越多地被大型科技集團(tuán)等數(shù)字原生實(shí)體所使用，這些實(shí)體最初位于金融服務(wù)之外(通常稱為大型科技集團(tuán))，以及銀行、保險(xiǎn)公司和資產(chǎn)管理公司等受監(jiān)管的現(xiàn)有金融機(jī)構(gòu)，這些機(jī)構(gòu)正在轉(zhuǎn)向更數(shù)字化的運(yùn)營(yíng)模式。Thedevelopmentandimplementationoffintechhasdifferedacrossjurisdictionsintermsofsize,speed,andareasoffocus.Inmanyjurisdictions,fintechinnovationoccursinitiallyinthepaymentsspace,particularlywhereexistingpaymentsinfrastructuremightbeslowerormorecumbersome.金融科技的發(fā)展和實(shí)施，在不同司法管轄區(qū)的規(guī)模、速度和重點(diǎn)領(lǐng)域方面存在差異。在許多司法管轄區(qū)，金融科技創(chuàng)新最初發(fā)生在支付領(lǐng)域，特別是在現(xiàn)有支付基礎(chǔ)設(shè)施可能較慢或較麻煩的地方。Theuseofnewtechnologiesinfinancialservicescanalsogeneratenewrisks.Newtechnologiescanallowentitiestosetupoperationsmoreeasilyinonejurisdictionandmarkettheirservicesglobally,makingregulationandsupervisionchallenging.Theprovisionofcloudcomputinghasthepotentialtoshiftrisksfromregulatedfinancialinstitutionstoentitiesthatarenotaswellregulated,suchasBigTechs.Whereasmallnumberofentitiesprovideservices,concentrationrisksmayarise.Theuseofdigitalidentificationcanalterthebalancebetweenpreservingprivacyandmaintainingaccesstofinance.APIswithpoorsecurityarchitecturecouldleadtoleaksofpotentiallysensitivedata.Excessiveuseofcomplexdata-drivenalgorithmscouldpotentiallyleadtobiasesanddiscriminationaswellaschallengestoexplainability3andaccountability.Often,theuseoflabelsandmarketingcanobfuscatetheunderlyinggoalsandcapabilitiesofaproductorservice;forexample,manytypesofstablecoinsareneitherstablenorcoins,whilecertaindecentralizednetworksareoftenheavilycentralized.在金融服務(wù)中使用新技術(shù)也可能產(chǎn)生新的風(fēng)險(xiǎn)。新技術(shù)可以使實(shí)體更容易地在一個(gè)司法管轄區(qū)開展業(yè)務(wù)，并在全球推廣其服務(wù)，從而使監(jiān)管和監(jiān)督具有挑戰(zhàn)性。云計(jì)算的提供有可能將風(fēng)險(xiǎn)從受監(jiān)管的金融機(jī)構(gòu)轉(zhuǎn)移到監(jiān)管不那么嚴(yán)格的實(shí)體，如大型科技集團(tuán)。少數(shù)主體提供服務(wù)的，可能存在集中風(fēng)險(xiǎn)。數(shù)字身份的使用可以改變保護(hù)隱私和維持融資渠道之間的平衡。安全性較差的應(yīng)用程序接口可能會(huì)導(dǎo)致潛在敏感數(shù)據(jù)的泄露。過度使用復(fù)雜的數(shù)據(jù)驅(qū)動(dòng)算法可能會(huì)導(dǎo)致偏見和歧視，并對(duì)可解釋性和問責(zé)制構(gòu)成挑戰(zhàn)。通常，標(biāo)簽和營(yíng)銷的使用會(huì)混淆產(chǎn)品或服務(wù)的潛在目標(biāo)和功能;例如，許多類型的穩(wěn)定幣既不穩(wěn)定也不是硬幣，而某些分散的網(wǎng)絡(luò)通常是高度集中的。Globalstandardsareimportanttodevelopingnationalregulatoryframeworks.Whileglobalstandard-settingbodiestakeatechnology-neutralapproachtofintechregulation,newtechnologiescanchallengetheseassumptions.Thenotionof“samerisk,sameregulation”mightbereplacedwith“samerisk,sameregulatoryoutcome.”Comprehensive,coordinated,andconsistentglobalstandardsareimportanttomanagingriskstousers,markets,andfinancialstability.Butnewtechnologiesprovidenewchallenges.Whileglobalstandardsarebeingdeveloped,targetedandpragmaticlocalregulationwithactivecross-borderandcross-sectoralcooperationareimportanttomanagingrisks.全球標(biāo)準(zhǔn)對(duì)于制定國(guó)家監(jiān)管框架非常重要。雖然全球標(biāo)準(zhǔn)制定機(jī)構(gòu)對(duì)金融科技監(jiān)管采取技術(shù)中立的態(tài)度，但新技術(shù)可能會(huì)挑戰(zhàn)這些假設(shè)?！巴瑯拥娘L(fēng)險(xiǎn)，同樣的監(jiān)管”的概念可能會(huì)被“同樣的風(fēng)險(xiǎn)，同樣的監(jiān)管結(jié)果”所取代。全面、協(xié)調(diào)和一致的全球標(biāo)準(zhǔn)對(duì)于管理用戶、市場(chǎng)和金融穩(wěn)定的風(fēng)險(xiǎn)至關(guān)重要。但新技術(shù)也帶來了新的挑戰(zhàn)。在制定全球標(biāo)準(zhǔn)的同時(shí)，有針對(duì)性和務(wù)實(shí)的地方監(jiān)管以及積極的跨境和跨部門合作對(duì)風(fēng)險(xiǎn)管理也很重要.Afintechstrategyisimportantindeliveringgoodoutcomesthatareconsistentwithpublicmandates.Inmostjurisdictions,afintechstrategyissetatthegovernmentlevel,frequentlyledbytheMinistryofFinance,anddeliveredbycentralbanks,sectorregulators,andotherrelevantstakeholdersinlinewiththeirmandates.Openconsultationsshouldensurethattheviewsofacrosss-ectionofinterestedstakeholdersaretakenonboard.Domesticcollaborationamongrelevantauthoritiesisindispensabletoachievinggoodoutcomesandforauthoritiestomeettheirpublicpolicyobjectives.金融科技戰(zhàn)略對(duì)于提供符合公共授權(quán)的良好成果非常重要。在大多數(shù)司法管轄區(qū)，金融科技戰(zhàn)略是在政府層面制定的，通常由財(cái)政部領(lǐng)導(dǎo)，并由中央銀行、行業(yè)監(jiān)管機(jī)構(gòu)和其他相關(guān)利益相關(guān)者根據(jù)其職責(zé)交付。公開磋商應(yīng)確保各利益攸關(guān)方的意見得到充分考慮。有關(guān)當(dāng)局之間的國(guó)內(nèi)合作對(duì)于取得良好成果和當(dāng)局實(shí)現(xiàn)其公共政策目標(biāo)是必不可少的。Regulatoryauthoritieshaverespondedindifferingwaystochallengesgeneratedbyfintech.Forfintechregulationandsupervision,authoritieshavegenerallyrespondedinfivewaysandinmanyinstancesbymovingbetweentheseapproachesasmandateshaveexpanded,riskshaveincreased,andmarketsandpolicyobjectiveshaveevolved.Thesefiveapproachesarenotmutuallyexclusive,andsomecanbecarriedoutinparallel,butasequentialapproachthatresultsinclearoutcomesispreferred.Outcomeswilldependonseveralfactors,includingthelevelandareasoffintechdeployment,supervisorycapacity,impactonmarkets,risks,endusers,andfinancialstability.Thefivemainapproachesareasfollows:監(jiān)管機(jī)構(gòu)以不同的方式應(yīng)對(duì)金融科技帶來的挑戰(zhàn)。對(duì)于金融科技監(jiān)管，當(dāng)局通常有五種應(yīng)對(duì)方式，在許多情況下，隨著授權(quán)的擴(kuò)大、風(fēng)險(xiǎn)的增加以及市場(chǎng)和政策目標(biāo)的演變，當(dāng)局會(huì)在這些方法之間切換。這五種方法不是相互排斥的，有些方法可以并行進(jìn)行，但最好采用產(chǎn)生明確結(jié)果的順序方法。結(jié)果將取決于幾個(gè)因素，包括金融科技部署的水平和領(lǐng)域、監(jiān)管能力、對(duì)市場(chǎng)、風(fēng)險(xiǎn)、最終用戶和金融穩(wěn)定的影響。五種主要方法是如下:。Waitandsee:Injurisdictionswherethereislittletonouseoffintech,manyauthoritieshaveadoptedanactivewait-and-seeapproach.Intheseinstances,authoritiesallowsomesmalldevelopmentoffintech-drivenproductsandservicesoutsideoftheregulatoryperimeter.Atthesametime,authoritiescloselymonitordevelopmentstounderstandif,orwhen,theimpactoffintechgrowstoasizethatmightgenerateriskstoconsumerprotection,marketintegrity,financialintegrity,and/orfinancialstability.Somejurisdictionswithgrowingfintechecosystemsandlowregulatoryresourceshavealsoadoptedanactivewait-and-seeapproachtodeterminewhenfintechgeneratesunacceptablerisksorobstaclestotheirauthorities’mandates.觀望:在金融科技幾乎不被使用的司法管轄區(qū)，許多當(dāng)局采取了積極的觀望態(tài)度。在這些情況下，當(dāng)局允許在監(jiān)管范圍之外開發(fā)一些小的金融科技驅(qū)動(dòng)的產(chǎn)品和服務(wù)。與此同時(shí)，當(dāng)局密切關(guān)注事態(tài)發(fā)展，以了解金融科技的影響是否或何時(shí)會(huì)增長(zhǎng)到可能對(duì)消費(fèi)者保護(hù)、市場(chǎng)誠(chéng)信、金融誠(chéng)信和/或金融穩(wěn)定產(chǎn)生風(fēng)險(xiǎn)的程度。一些金融科技生態(tài)系統(tǒng)不斷發(fā)展、監(jiān)管資源匱乏的司法管轄區(qū)也采取了積極的觀望態(tài)度，以確定金融科技何時(shí)會(huì)產(chǎn)生不可接受的風(fēng)險(xiǎn)或?qū)ζ浔O(jiān)管機(jī)構(gòu)的授權(quán)構(gòu)成障礙。Testandlearn:Injurisdictionswheretheuseoffintechisdiverseandgrowingquickly,atest-andlearnapproachhasbeensuccessfullyused.Thisapproachinvolvestheuseofcustomframeworkstoallowtheauthoritytobeexposedtodifferenttechnologiesandbusinessmodelsinacontrolledenvironment.Examplesincludeinnovationhubs,regulatorysandboxes,andTechSprints.Thetestand-learnmethodallowsauthoritiestogainamoreaccurateunderstandingoftheimpactofnewtechnologyonpolicy.測(cè)試和學(xué)習(xí)：在金融科技應(yīng)用多樣化且發(fā)展迅速的司法管轄區(qū)，測(cè)試和學(xué)習(xí)方法已被成功采用。這種方法包括使用定制框架，讓監(jiān)管機(jī)構(gòu)在受控環(huán)境中接觸不同的技術(shù)和業(yè)務(wù)模式。這方面的例子包括創(chuàng)新中心、監(jiān)管沙盒和TechSprints。測(cè)試和學(xué)習(xí)方法使當(dāng)局能夠更準(zhǔn)確地了解新技術(shù)對(duì)政策的影響。Adjustexistingframeworks:Inmanyinstances,existingregulatoryframeworksarereceptivetonewtechnologiesandmayneedonlysmallchangestoaccountfordifferentrisksgeneratedbyfintech.Thisisknownasatechnology-neutralapproachandworksontheprincipleofsameactivity,samerisk,sameregulation.Thisapproachiscommonlyusedwhereproductsorservicesusingfintecharesimilartothosealreadywithintheregulatoryperimeter.Examplesincludesomejurisdictions’responsetocryptoassets,where,despitetheabsenceofbespokecryptoassetregulationordedicatedlegalframeworks,securities,banking,andpaymentsregulationarebeingusedininstanceswhereacryptoassethasdesignfeaturesakintotheirtraditionalcounterparts.調(diào)整現(xiàn)有框架：在許多情況下，現(xiàn)有監(jiān)管框架對(duì)新技術(shù)持接受態(tài)度，可能只需稍作改動(dòng)即可應(yīng)對(duì)金融科技帶來的不同風(fēng)險(xiǎn)。這被稱為"技術(shù)中性方法"，其工作原則是同樣的活動(dòng)、同樣的風(fēng)險(xiǎn)、同樣的監(jiān)管。當(dāng)使用金融科技的產(chǎn)品或服務(wù)與已在監(jiān)管范圍內(nèi)的產(chǎn)品或服務(wù)類似時(shí)，通常會(huì)采用這種方法。這方面的例子包括一些司法管轄區(qū)對(duì)加密資產(chǎn)的回應(yīng)，盡管沒有專門的加密資產(chǎn)監(jiān)管或?qū)ｉT的法律框架，但在加密資產(chǎn)具有類似于傳統(tǒng)同類產(chǎn)品的設(shè)計(jì)特征的情況下，證券、銀行和支付監(jiān)管正在被使用。Bespokeregulation:Wherefintechcreatesuniqueopportunities,newrisks,ornovelproductsandservicesthatdonotfitneatlywithinexistingregulatoryframeworks,abespokeregulatoryregimemightbenecessary.Thisapproachissuitableforjurisdictionswherefintechhashadaconsiderableimpactontheabilityofauthoritiestoachievetheirmandates,duetogrowtheitherinonesectororacrossfinancialservices.Bespokeregulationcanfillpolicygapscreatedbyfintechorremoveoutdatedprudentialorconductrules.ExamplesincludetheimplementationofopenbankingtosupporttheopportunitiescreatedbyAPIsandbigdata(EuropeanUnion,UK,Australia),andbespokeregulationtomanagerisksofpeer-to-peerlending(Brazil),cryptoassets(Albania,EuropeanUnion,Japan),ande-money(Indonesia).定制監(jiān)管：當(dāng)金融科技創(chuàng)造了獨(dú)特的機(jī)遇、新的風(fēng)險(xiǎn)或新穎的產(chǎn)品和服務(wù)，而這些又無法完全融入現(xiàn)有的監(jiān)管框架時(shí)，可能有必要制定專門的監(jiān)管制度。這種方法適用于金融科技在某一領(lǐng)域或整個(gè)金融服務(wù)領(lǐng)域的發(fā)展對(duì)當(dāng)局完成任務(wù)的能力產(chǎn)生重大影響的司法管轄區(qū)。定制監(jiān)管可以填補(bǔ)金融科技造成的政策空白，或取消過時(shí)的審慎或行為規(guī)則。例如，實(shí)施開放銀行以支持API和大數(shù)據(jù)創(chuàng)造的機(jī)會(huì)（歐盟、英國(guó)、澳大利亞），以及定制監(jiān)管以管理點(diǎn)對(duì)點(diǎn)借貸（巴西）、加密資產(chǎn)（阿爾巴尼亞、歐盟、日本）和電子貨幣（印度尼西亞）的風(fēng)險(xiǎn)。Bansortargetedrestrictions:Insomeinstances,authoritiesmightbanorrestrictcertainentities,activities,ortechnologies.Thisisdonewhenthereissignificantrisktoanauthority’spublicpolicyobjectives.Frequently,bansandtargetedrestrictionsareenactedoncertainactivities,forexample,China’sbanonavarietyofactivitiesrelatedtocrypto,Spain’stargetedrestrictionsoncertaincryptomarketing,ortheUK’sapproachtolimitcertaincryptoderivatives.Attimes,bansorrestrictionsmightbeimposedontypesofentities,mostcommonlywhenanentityhascontravenedexistingregulatoryorlegislativeframeworks.Technologiesarerarelybanned,althoughtheiruseincertainactivitiesmightberestricted.Forexample,thedesireforexplainabilityandhumanoversightinmachinelearninginfinancialservicescouldrestrictitspotentialapplicationfinancialmarkets.禁令或定向限制：在某些情況下，當(dāng)局可能會(huì)禁止或限制某些實(shí)體、活動(dòng)或技術(shù)。當(dāng)當(dāng)局的公共政策目標(biāo)面臨重大風(fēng)險(xiǎn)時(shí)，當(dāng)局就會(huì)這樣做。例如，中國(guó)禁止與加密貨幣有關(guān)的各種活動(dòng)，西班牙有針對(duì)性地限制某些加密貨幣營(yíng)銷，或英國(guó)限制某些加密貨幣衍生品。有時(shí)，可能會(huì)對(duì)實(shí)體類型實(shí)施禁令或限制，最常見的情況是實(shí)體違反了現(xiàn)有的監(jiān)管或立法框架。盡管技術(shù)在某些活動(dòng)中的使用可能會(huì)受到限制，但很少會(huì)被禁止。例如，金融服務(wù)中機(jī)器學(xué)習(xí)的可解釋性和人為監(jiān)督的愿望可能會(huì)限制其在金融市場(chǎng)的潛在應(yīng)用。Tobestunderstandwhichapproachtotake,andinlinewiththeBaliFintechAgenda(BFA),authoritiesneedtobeinapositiontoeffectivelymonitormarkettrendsanddevelopments.Theuseoffintechisgrowinganddiversifyingrapidlyinmanyjurisdictions,andasignificantproportionofthisinnovationisdevelopedbyunregulatedentitiesthateitherwillrequirelicensingorwillprovideservicestolicensedentities.Akeybuildingblockforanymonitoringisthecollectionandaccesstosufficientlyinformativedatasourcesthatallowanevaluationofemergingrisks.Accesstosuchdatacandifferamongjurisdictionsandshouldbeafirststeptoidentifyingrisksanddeterminingregulatoryresponses.JointlywiththeWorldBank,theIMFhasdevelopedaframework,theBFA,tohelpguideauthoritiesintheirresponsetofintechdevelopments(IMF,2018).TheBFAconsistsof12policyelementsandaimstoguideauthoritiesinharnessingthebenefitsofnewtechnologiesinfinancialserviceswhilemitigatinganyrisks;itencouragescompetition,consumerprotection,financialintegrity,andfinancialstability.為了更好地理解應(yīng)采取的方法，并與巴厘金融科技議程（BFA）保持一致，當(dāng)局需要能夠有效地監(jiān)測(cè)市場(chǎng)趨勢(shì)和發(fā)展。在許多司法管轄區(qū)，金融科技的使用正在迅速增長(zhǎng)和多樣化，其中很大一部分創(chuàng)新是由不受監(jiān)管的實(shí)體開發(fā)的，這些實(shí)體要么需要獲得許可，要么將向持牌實(shí)體提供服務(wù)。任何監(jiān)測(cè)的一個(gè)關(guān)鍵基石是收集和獲取足夠翔實(shí)的數(shù)據(jù)來源，以便對(duì)新出現(xiàn)的風(fēng)險(xiǎn)進(jìn)行評(píng)估。各管轄區(qū)獲取此類數(shù)據(jù)的渠道可能不同，這應(yīng)當(dāng)是識(shí)別風(fēng)險(xiǎn)和確定監(jiān)管對(duì)策的第一步。IMF與世界銀行聯(lián)合開發(fā)了一個(gè)框架，即BFA，以幫助指導(dǎo)當(dāng)局應(yīng)對(duì)金融科技的發(fā)展（IMF，2018）。BFA由12個(gè)政策要素組成，旨在指導(dǎo)當(dāng)局利用金融服務(wù)新技術(shù)的好處，同時(shí)降低任何風(fēng)險(xiǎn)；它鼓勵(lì)競(jìng)爭(zhēng)、消費(fèi)者保護(hù)、金融誠(chéng)信和金融Toeffectivelyrespondtonewdevelopments,authoritieshaveseveraloptionsforsupervisorymonitoring.Fourbroadapproacheswereidentifiedtoimproveaccesstodata,monitornewdevelopments,andhelpdetermineregulatoryresponses.Theseshouldbethoughtofascom