Reporter: Meng Fanxia, Liu Sihong
Source: Beijing Commercial Daily
Editor's note: The original title was "Follow-up of the first batch of" supervisory sandbox "projects: relevant rules are in the pipeline"
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After two months of soliciting opinions, the first batch of applications that entered the "financial sandbox" of Beijing financial technology was officially released. On March 16, the central bank's business management department issued an announcement saying that after the public review and approval, the first six innovative applications of the Beijing Financial Technology Innovation Supervision Pilot have been registered and will officially provide services to users. A reporter from Beijing Commercial Daily has learned that the supervision is currently optimizing the “supervisory sandbox” risk prevention mechanism based on the pilot situation, and will introduce relevant supervision rules in due course. For "in-the-box" institutions, their innovative applications are also expected to be polished and "out-of-the-box", but they must be operated by licensed institutions.
6 applications finalized
The Beijing Business Daily reporter noticed that the first batch of pilot innovations of the Beijing financial technology “supervision sandbox” was announced on January 14 and was open to the public for comments. Judging from the latest selection, all 6 innovative applications to be piloted are shortlisted. The Business Management Department of the Central Bank disclosed that the first batch of officially selected applications include IoT-based product traceability certification management and supply chain finance, Weijie Loan products, CITIC Bank (Hong Kong stock 00998) Zhiling products, AIBank Inside products, fast-review and fast-loan products, Innovative application of mobile POS; the corresponding pilot units are Industrial and Commercial Bank of China (Hong Kong Stock 01398), Agricultural Bank of China (Hong Kong Stock 01288), CITIC Bank / China UnionPay / Du Xiaoman / Ctrip, Baixin Bank, Ningbo Bank, China UnionPay / Xiaomi Digital Branch / JD Mathematics.
From the perspective of the participating entities, the first batch of pilot project participants were mainly licensed institutions, and there were no shortage of fintech companies "combination into the box"; from the "box-in" project, the first batch of selected application products are more involved in the Internet of Things , Artificial intelligence, big data, blockchain, API and other technologies in the financial field.
"All six applications are shortlisted, indicating that the public recognizes the fintech 'supervisory sandbox' mechanism. In the future, this normalized mechanism can be used to balance development and innovation, financial institutions and fintech companies, corporate and regulatory, and innovation and cooperation. Regulations and other relationships. "Che Ning, Secretary General of the Beijing Cyber Law Society, said in an interview with the Beijing Business Daily that the six short-listed applications also once again released a signal that the valuable application innovation point is in the supply chain. The fields of finance, open banking, internet credit, and mobile payment are also active guidance and publicity for the entire industry.
Li Xin, a researcher at the China Minsheng Bank (Hong Kong Stock 01988) Research Institute, also said that the "in-box" project fully reflects the forefront of the industry's development and also responds to the actual needs of financial consumers. It has advanced technology, universal scenarios, and demonstration. Strong sexual characteristics.
Game of Innovation and Stability
In response to the latest preparation progress and on-line time of 6 applications, reporters from Beijing Commercial Daily interviewed a number of participating institutions and learned that some applications have been launched for users. For example, the Agricultural Bank of China's Weijie loan product was launched in September 2018. However, there are also some innovative projects that are still in the iterative optimization and testing of functions, and are planned to be officially "launched" in late March or April. At the same time, some institutions also said that the specific launch time of their innovative applications will need to wait for regulatory notice. According to informed sources, according to the requirements of the “Supervisory Sandbox” project team, after the project “into the box”, before the official launch of the project, it is necessary to establish a complete project monitoring and management system according to the project team ’s requirements, and go online after regulatory approval.
"Some projects have been in operation before, but they can still be 'in-box' as innovation projects. The reason is that the supervision balances innovation and stability. The 'in-box' projects need to be not only very innovative but also need to be considered. Product users ’needs and approvals, or the maturity of the product itself.” Che Ning told a Beijing Business Daily reporter that in addition to evaluating and measuring the product itself, a large part of the regulatory innovation pilot will also consider how to run through this regulatory mechanism. Therefore, if a large number of innovative and controversial products are introduced in the early stage, it will not be conducive to the long-term development of the "regulatory sandbox" mechanism.
Regulations will be issued in due course
For the Chinese version of the "regulatory sandbox", the project "entry into the box" is only the first step. After the launch of the service, how to follow up the monitoring and management evaluation of the application has also attracted high attention in the industry. The reporter from Beijing Commercial Daily exclusively learned that after the official launch, the application will enter the trial operation phase. The organization shall report the project progress, current problems encountered and treatment results on a monthly basis according to the corresponding indicators of the project monitoring and management system, and continuously improve according to the project requirements. And optimize the project, so as to ensure the stable and orderly operation of the "in-the-box" project.
At the same time, the "regulatory sandbox" also emphasized the risk prevention and risk compensation mechanism, requiring "in-box" enterprises to interact closely with the supervision and use technological innovation to allocate special funds, innovation deposits or business emergency compensation to protect innovation risks. Controllable. At present, the supervision is optimizing the risk prevention mechanism of the supervision sandbox, or relevant regulations will be issued in due time based on the pilot situation.
"After 'in the box', the supervision will select a certain range of customer groups and regions for testing, and monitor the effect of the test. Observe from privacy protection, risk prevention, ease of loan application, etc. to see if it will cause financial risks. And the risk of personal privacy leakage. In terms of management, the supervision will carry out full-process supervision and digital supervision, and the digital analysis of the product before and after the event will be conducted with digital tools. Special attention will be paid to personal privacy protection and financial risk control. " Sun Yang, director of the Financial Technology Center of Suning Financial Research Institute, told Beijing Business Daily.
A veteran who declined to be named said that compared to the "regulatory sandbox" proposed by the United Kingdom and other countries, a major feature of the current Chinese version of the "regulatory sandbox" is that it does not set a test period. Foreign "regulation sandboxes" mainly focus on projects. By setting a test period for the project and then evaluating it, compliance can be passed, and out of the box if there is a problem; the main purpose of China's regulatory innovation pilot is to focus on products and In the field, a set of mature, standardized and highly feasible regulatory rules have been formed.
For this "in-box" organization, its innovative applications are also expected to be polished in the box and then "out-of-box", but "out-of-box" must be operated by a licensed institution. In Li Xin's view, there are two points that may require urgent attention in the future for domestic "regulatory sandboxes" still in the pilot stage. The first is to strengthen communication with enterprises and the public during the process of supervision. In the practice of the “regulation sandbox”, we must always pay attention to the reflection and innovation of the regulation itself. In addition, the purpose of the Beijing financial technology “regulation sandbox” pilot is to better promote fintech innovation and implementation, and to Fintech's most feasible regulatory ideas and regulatory tools, and its experience is copied and promoted to other parts of the country.