最有看点的互联网金融门户

最有看点的互联网金融门户
国际资讯监管与政策

监管机构该如何助推金融科技产业发展?

金融科技极大得改变了金融服务业的面貌,提升了金融服务交付能力与效率。与此同时,也给全球决策者提出挑战,迫使其制定监管对策,在推动创新、维护金融体系弹性和保护消费者间取得平衡。

亚洲证券业与金融市场协会(Asia Securities Industry & Financial Markets Association, 后文简称ASIFMA)是一家独立区域性贸易协会,有100多家成员企业,由诸多行业领先的买方和卖方金融机构构成,包括银行、资产管理公司、律师事务所和市场基础设施服务提供商。

今日,ASIFMA与史密夫•斐尔律师事务所合作,制定了十条最佳做法,以指引亚洲监管机构,促进金融科技发展。

最佳做法1: 通过推动金融科技业参与者、金融机构和决策者之间的对话,支持开发和采用负责、 安全、可靠的金融科技产品和服务。

监管机构有必要定期与金融科技公司和金融机构开展跨部门对话,以便更清楚了解行业内新产品、新技术的开发进展与发展趋势等情况。定期对话也有助于监管机构和金融科技企业在产品和服务开发早期发现机会、鉴别风险。

ASIFMA支持亚洲监管机构为更清楚了解新型金融科技及其对现有政策的意义而采取的措施。这些措施包括:设立专门的金融科技办公室、联络点和中心; 设立“监管沙盒”,允许企业在拥有一定监管灵活度的环境下测试产品(限制时长)

最佳做法2:与金融业合作探索监管技术解决方案,创建更高效、更有效的监管监督和报告机制。

监管技术有望提供可配置、可靠且具有成本效益的监管方案。监管技术带来的一大利好是,它使得大批量复杂数据的存储和分析成为可能,而且有望整合并简化合规监测活动。各监管机构应借鉴同行在使用新技术访问和处理日益增多的可用数据方面的经验,推动实现投资者保护、市场公平、金融稳定。

最佳做法3:必要时,制定能适当平衡创新、安全和消费者保护三者关系的监管政策。

监管机构应出台原则性指导方针,让金融科技企业在开发新型或改良型产品/ 服务、满足客户需求的同时,推动实现保护投资者、维护市场公平公正、保持金融稳定等监管目标。监管措施要保持足够弹性,不要过于严苛。一刀切式决策不利于技术创新。

最佳做法4:确保统一的监管标准适用于所有市场参与者。

金融科技领域竞争日趋激烈。麦肯锡预测,在接下来十年里,老牌企业与新进企业 之间的顾客争夺战会愈演愈烈,到 2025 年,现今五大银行业务(消费金融、抵押贷款、借贷、零 售支付和财富管理)可能会损失 20%到 60%的利润。

监管机构应该发挥作用,保证老牌企业和新 进企业之间能够平等竞争。老牌企业与新进企业都需要一定的空间来探索和尝试新的理念。同理,如果一个产品、服务、平台或者供应商要触及消费者,或者对体系构成了威胁,那么不管是老牌企业与新进企业,受到的监管标准也应该是一致的。

“了解你的客户”(KYC)和“反洗钱”(AML)这两大要求就是监管条例应平等对待老牌企业与新进企业的例子,且两者都对金融系统起到了至关重要的保护作用。

最佳做法5:开展机构间合作,推动全国受金融科技影响的各行各业包括银行、证券、保险和电信等实现一致。

有了统一的监管措施,金融科技新创企业才能更好地制定战略,并适应监管政策。监管机构、政府机关和国家部委也都能在分享经验和方法的过程中受益。例如,新加坡金管局(Monetary Authority of Singapore, 后文简称MAS)就设立了金融科技办公室,专门负责审查、对接和优化各政府机关关于金融科技的融资计划,并提供覆盖行业基础设施机构间合作战略。

最佳做法6:加强与其他国家/地区的监管机构的跨境合作,促进采取最佳做法,签订互认协议,并统一法律和监管要求。

金融科技无辖界,因此监管机构之间的跨境合作尤为重要。签订互认协议也可以让金融科技公司更好地跨境寻求机会。ASIFMA表示,新加坡金管局和英国金融市场行为监管局之间,以及澳大利亚和新加坡之间都分别签订了互认协议。

最佳做法7:支持由行业推动的系统互通性。

监管机构应支持当前所有市场参与者不同系统之间的互操作性,以便降低合规成本,最大程度减少对市场的潜在干扰。

有了标准化的数据和统一的定义,市场参与者之间能够更好地共享信息,金融监管机构也能够提高工作效率。例如,国际标准化组织区块链技术委员会 (International Technical Committee for Blockchain Standards)正在研究制定区块链技术的全球标准。

最佳做法8:提供清晰的框架和准则,实现数据的跨境传输、处理和存储。

数字数据是金融技术的核心,必须能持续跨境传输、处理和存储。允许公司使用区域、全球性数据中心和云会促进创新,尤其会让小企业受益。反之,小企业就有可能因为无力承受投资和维护成本而与新技术、新方法无缘。

最佳做法9:确保法律能支持科技发展。

ASIFMA建议各国政府审查并更新法律,为新技术的应用提供法律保障。一些限制特定产品数字化分销的规定也会限制企业利用此类分销渠道的能力。例如,一些需要面对面进行的金融咨询服务拖慢了此进程。比如印度采用了全国性的身份编码和证件用于身份验证,同时又加快了数字化的进程。此外,语音生物识别技术也有望运用到这一领域。

最佳做法10:在全球金融体系互联互通的背景下,促进网络安全和数据安全。

由于在金融科技发展过程中会产生新的网络安全和数据安全风险,金融科技的未来与网络安全息息相关。为了帮助市场参与者应对网络安全的挑战、提高网络安全风险防范意识,香港、新加坡、印度、马来西亚等地的市场监管机构都已经开发或者正在开发针对网络安全的框架和指导条例。

The Asia Securities Industry & Financial Markets Association (ASIFMA) has formulated a set of ten best practices to guide regulators in Asia as they seek to support the development of Fintech to better serve consumers, businesses and investors.

Fintech is dramatically changing the face of the financial services industry, and offers the potential for increased productivity and efficiencies in the way financial services are delivered. It has also challenged policymakers worldwide as they develop regulations that strike a balance between promoting innovation, maintaining the resiliency of the financial system and ensuring consumers are protected.

ASIFMA is an independent, regional trade association with over 100 member firms comprising a diverse range of leading financial institutions from both the buy and sell side, including banks, asset managers, law firms and market infrastructure service providers.

Through its collaboration with Herbert Smith Freehills, ASIFMA has come up with 10 best practices for regulators in Asia to facilitate the growth of Fintech.

Best Practice 1: Support the development and adoption of responsible, safe and secure Fintech products and services, by facilitating dialogue between Fintech participants and financial institutions and policymakers.

Financial regulators should engage in regular dialogue with Fintech companies to understand the industry landscape, including new product and technological developments and trends. Regular dialogue will also allow regulators and the industry to identify opportunities and risks at an early stage of product/service development.

ASIFMA supports the steps taken by Asian regulators to better understand new financial technologies and their implications for existing policies. Such steps include establishing dedicated Fintech offices, contact points and hubs; and establishing ‘regulatory sandboxes’, where businesses may test products in an environment with certain regulatory flexibilities for a limited duration.

Best Practice 2: Work with the industry to explore regulatory technology (Regtech) solutions to create more efficient and effective regulatory supervision and reporting mechanisms.

Regtech has the potential to provide configurable, reliable and cost-effective solutions in the regulatory arena.  A major advantage offered by Regtech is that it enables the storage and analysis of massive and complicated data, and it has the potential to simplify compliance monitoring activities. Regulators should leverage the experience of other regulators in using new technologies to access and process the increased volume of available data, helping them to promote investor protection, market fairness and financial stability.

Best Practice 3: If required, develop regulatory policies that strike an appropriate balance between innovation, safety, and consumer protection.

Regulators should formulate principles-based guidelines that allow Fintech players to develop new products or services that meet the needs of consumers whilst at the same time advancing regulations. Regulations should be designed with sufficient flexibility, as opposed to being overly-prescriptive. A one-size-fits-all approach to policy-making is not conducive to technological innovation.

Best Practice 4: Ensure consistent regulatory standards are applied to all market participants.

Competition is increasing in the Fintech sector. McKinsey estimates that new entrants will increasingly battle for customers with incumbents over the next decade, with the top five banking businesses (i.e. consumer finance, mortgages, lending, retail payments, and wealth management) at risk of losing between 20 percent and 60 percent of their profits by 2025.

Regulators have a role to play in ensuring a level playing field between existing incumbents and new entrants. Both incumbents and new entrants need the regulatory space to explore and test new ideas. Equally, when a product poses a risk to the system then incumbents and new entrants should have the same regulations applied to them.

Know-Your-Customer and Anti-Money Laundering requirements are examples of regulation that should be equally applied to incumbents and new entrants. Both are key to protecting the financial system.

Best Practice 5: Ensure inter-agency cooperation to promote consistency nationally across different sectors impacted by Fintech such as banking, securities, insurance and telecommunications.

Providing a uniform approach will better assist Fintech start-ups with developing their strategies and navigating the regulatory landscape, and regulators, government agencies and ministries can also benefit from sharing experiences and know-how. For example, the Monetary Authority of Singapore (MAS) has set up a Fintech Office that looks at aligning Fintech-related funding schemes across government agencies, and also proposing cross-agency strategies in industry infrastructure.

Best Practice 6: Enhance cross-border cooperation with other regulators to promote use of best practices, recognition agreements and harmonisation of laws and regulatory requirements.

Fintech transcends jurisdictional borders, and therefore cross-border cooperation amongst regulators is critical.  Recognition agreements can also allow Fintech firms to more easily cross borders to pursue opportunities. The agreement between the MAS and the UK Financial Conduct Authority and another agreement between Australia and Singapore allows for recognition, wrote ASIFMA.

Best Practice 7: Support industry-driven interoperability.

Regulators should support interoperability among the systems of all current market participants, which will lead to lower compliance costs and minimise potential disruption to the market.

Data standardisation and harmonised definitions could allow financial regulators to make efficiency improvements by allowing for the sharing of information in the market. For example, the International Technical Committee for Blockchain Standards  is currently working on developing international standards to support the roll-out of blockchain technology.

Best Practice 8: Provide a clear framework and guidelines to allow for cross-border transmission of data for processing and storage.

Digital data is core to Fintech and that data needs to be able to continue to cross borders for processing and storage. Allowing firms to utilise regional and global data centres as well as the cloud provides particular benefits to smaller firms and supports innovation. Smaller firms are able to access technology and innovations that would otherwise be out of their reach given the costs of investment and maintenance.

Best Practice 9: Ensure laws support technological developments.

ASIFMA recommends that governments review and update laws to ensure they allow for technological innovations to be introduced. Some regulations hinder the electronic distribution of certain products, limiting the ability of firms to utilise digital distribution channels. For example, if customers are required to bring physical identity documents into a location it slows down processes. National identity numbers or cards, as adopted by India, can allow for digital verification and more rapid digitisation. Voice biometrics can also be used to verify the identity of individuals.

Best Practice 10: Promote cybersecurity and data security in a globally interconnected financial system.

The future of Fintech and cybersecurity are also interlocked, as the advancements in Fintech have brought about new cybersecurity and data security risks. In order to help market participants navigate cybersecurity challenges and raise awareness of cybersecurity risks, several Asian market regulators such as Hong Kong, Singapore, India and Malaysia have developed, or are in the process of developing, cybersecurity frameworks and guidelines.


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