Shanghai Pudong will launch a “supervisory sandbox” to create a “test field” for fintech innovation

Text: Liang Yushan

Source: Mars Finance

According to the Xinhua News Agency report on December 12, Wang Hua, deputy head of the Pudong New Area of ​​Shanghai, revealed that Pudong will create a "test field" of fintech innovation first trials, and with the support of the regulators, pilot a "supervisory sandbox" system. Create a sound business environment for fintech innovation.

"In terms of risk prevention, Pudong will promote the establishment of the 'Financial Union Financial Technology Industry Special Committee' to pilot a new management model for the financial technology industry to jointly govern the orderly and healthy development of financial technology."

From the current point of view, Shanghai has become the second city after Beijing to test the financial “regulation sandbox” system. On December 5, the central bank's official website announced that in order to implement the "FinTech Development Plan (2019-2021)", in accordance with the "State Council's Approval on Comprehensively Promoting the Opening-up of Beijing's Service Industry Comprehensive Pilot Work Plan", Beijing took the lead in launching a pilot for financial technology innovation supervision.

On the same day, the Beijing Municipal Bureau of Financial Supervision announced that it would take the lead in launching a pilot for fintech innovation supervision nationwide under the guidance and support of the central bank, exploring the construction of a prudent and inclusive Chinese version of the “regulation sandbox”, using information disclosure, product publicity, Flexible management methods, such as joint supervision, guide licensed financial institutions to promote fintech innovation, and empower financial services to improve quality and efficiency.

On December 6, Huo Xuewen, the director of the Beijing Financial Bureau, revealed that Beijing will focus on exploring the regulatory sandbox in two regions. "One is the fintech and professional service innovation demonstration area in the adjacent area of ​​Xicheng and Haidian, and the other is the city's sub-center. Strengthen international cooperation in fintech supervision and regulate the advancement of new technologies and models of fintech first."

It should be noted that at the recent Beijing Financial Technology Innovation Media Exchange Conference, the relevant person in charge of the Business Management Department of the People ’s Bank of China stated that details of the “Beijing Regulatory Sandbox” must be entered by licensed financial institutions. This is the bottom line , Will not be included in online loan, virtual currency and other institutions.