New progress in the regulatory sandbox! Fintech institutions can declare independently, and there is no hope for coin-issuing blockchain companies

Original: Beijing Commercial Daily

In the past two days, Fintech has welcomed the favorable policies of many parties. Whether the fintech regulatory sandbox releases fintech companies from filing separate applications, or the science and technology board opens the door to fintech companies, they have injected a new force into the fragile fintech industry. According to a person familiar with the matter, a Beijing Business Daily reporter revealed that the regulatory sandbox is mainly oriented to some new business in the future, emphasizing technological innovation and risk controllability. Therefore, projects that have been running in the past and have occurred risk events, such as P2P online lending, will not Then it will be included in the pilot of the regulatory sandbox; in the aspect of blockchain, it should be viewed separately. If the declared project is a distributed technical solution, it is possible to enter, but if it is a project similar to the issue of coins, it will definitely not be Included.

Can declare separate innovation projects

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The official website of the Beijing Municipal Bureau of Local Financial Supervision (hereinafter referred to as the "Beijing Financial Supervision Bureau") released on March 27 the "Announcement on Soliciting Pilot Innovation Application Projects for Financial Technology Innovation Supervision in Beijing (Phase II)" (hereinafter referred to as "Announcement" ), Adjusted the requirements for the second phase of project solicitation. On the one hand, the project application subject can be either a licensed financial institution or a fintech enterprise. In addition, the deadline for application is delayed until April 7.

In terms of project declaration conditions, the Beijing Financial Supervision Bureau emphasized that the second phase of project declaration must have the characteristics of "business inclusiveness", "technical innovation", "risk controllability", and "regulatory support required". Specifically, the project needs to support the development of science and technology, private, small and micro, support the improvement of the people's livelihood, and conform to the financial supply-side structural reform; meanwhile, in terms of technology application, product structure, etc., it must have the characteristics of being the first in the country and strong in originality; Without breaking through existing laws and regulations and basic institutional arrangements, the project has detailed risk treatment plans to protect the legitimate rights and interests of consumers; it also has typical significance and demonstration guidance, which can be copied, promoted, or business innovation has no clear supervision under the current supervision system Bye-laws.

As soon as this policy came out, it immediately aroused great concern in the industry. Compared with the previous "partnership" declaration, what are the "benefits" of a separate declaration for fintech companies?

"Because it was previously declared by a joint financial institution, to participate in this project requires the approval and permission of the management of the financial institution. In fact, it is not easy to obtain the opportunity to apply." Sun Yang, director of the Fintech Center of Suning Financial Research Institute, saw The second batch of fintech regulatory sandbox project declaration adjustments in Beijing is a great advantage for fintech companies. On the one hand, more fintech companies will have the opportunity to participate in the declaration; at the same time, fintech companies are more innovative than financial institutions. It is more advanced and has strong technical thinking. Therefore, when more fintech companies participate, it can greatly enhance the vitality of the mechanism and open up ideas for fintech supervision and innovation projects.

Beijing Business Daily reporters have learned that in addition to Beijing, Shanghai, Shenzhen and other places have started to collect fintech innovation supervision pilots for innovative application projects. In terms of application requirements for innovation projects, other regions have basically the same conditions as Beijing.

Low possibility of online loan finalists

Is it possible for enterprises such as online loan and blockchain to be shortlisted?

A person familiar with the matter told a reporter from the Beijing Business Daily that the supervision sandbox has only undergone two issues since its inception. The application method is also constantly being explored. The first phase is more similar to the targeted invitation method, and it will be gradually released in the second phase. This is a dynamic evolution process. The principle is still to encourage innovation and maintain prudence. Achieve as much balance as possible.

However, despite the changes in reporting methods, the original intention of the regulatory sandbox was to encourage the use of technology in scenarios. Therefore, although it is possible to declare separately, whether to enter or not has to be evaluated. To be sure, there are more mature application scenarios and partners, which will have an advantage over independent application by independent technology companies.

On the institutional level, in Yang Yang's opinion, this policy can support financial institutions to support the development of small and micro finance, rural small loans, supply chain finance, and consumer finance to a broader inclusive customer base. Fintech companies that better manage financial business risks and reduce the operating costs of financial institutions will be more favorable. "Whether you are using machine learning, blockchain, or the Internet of Things, as long as you can closely follow the proposition that finance is better and more secure to serve the real economy, it will be good."

Regarding whether there is any possibility of shortlisted companies such as online loan and blockchain, the aforementioned people familiar with the matter said that the regulatory sandbox is mainly oriented to some new business in the future, emphasizing technological innovation and controllable risks, so it has been running in the past and has been Projects that have some risk events, such as P2P online lending, will no longer be included in the regulatory sandbox pilot; while in the aspect of blockchain, it should be viewed separately. If the declared project is a distributed technical solution, it is possible Enter, but if it is said to be a coin-issuing project, it is definitely not included.

Technology hard-core institutions are expected to land on science and technology board

In addition to technological innovation, the fintech regulatory sandbox has liberalized independent reporting of fintech companies. At the capital market level, the Shanghai Stock Exchange (hereinafter referred to as the "Shanghai Stock Exchange") science and technology board has also extended an "olive branch" to fintech companies. ".

On the evening of March 27, the Shanghai Stock Exchange issued the “Interim Provisions on the Application for Listing and Listing of Science and Technology Board Enterprises by the Shanghai Stock Exchange” (hereinafter referred to as the “Interim Provisions”), clarifying that the Science and Technology Board is comprehensive and inclusive in serving science and technology enterprises. The relevant person in charge of the Shanghai Stock Exchange pointed out that fintech and technology services also belong to the scope of science and technology board services. Enterprises in the industry scope served by the science and technology board can apply for the science and technology board as long as they meet the general indicators or meet one of the exceptions.

The Shanghai Stock Exchange opens the door for fintech companies to declare. From the perspective of many parties, on the one hand, more flexible and diversified financing methods have been added for fintech companies; on the other hand, it has also helped Shanghai to build such a global fintech center.

Just as Yu Baicheng, the director of the Zero One Research Institute, pointed out that fintech companies' entry into the field of science and technology support represents the direction of the new economy. From the current point of view, in the context of the special rectification of Internet finance, the main advantage of this move is to provide financial institutions with technology services such as artificial intelligence and cloud computing.

"This is the best news that the fintech industry has heard in the near future. It is mainly beneficial to those fintech companies that have obtained a large number of fintech invention patents for continuous cultivation technology." Sun Yang further stated that the Securities Regulatory Commission had previously issued " "Guidelines for the Evaluation of Science and Technology Innovation Attributes", and gives 3 conventional indicators and 5 exception clauses, and there are quantitative and clear regulations for institutional R & D investment, invention patents, and business income.

In Sun Yang's view, the biggest challenges for fintech companies listed on the science and technology board are whether they have hard technology, whether they have the ability to commercialize hard technology, and whether there are sufficient intellectual property barriers around hard technology. Companies that sell data, traffic lists, and diversions do not meet this standard.

What "red lines" cannot be stepped on under the new opportunity?

It is worth mentioning that when reviewing the reporting requirements of both the regulatory sandbox and the science and technology board, although the detailed regulations are not consistent, the overall idea is the same direction, and all financial technology companies need to practice their "internal skills" and focus more on improving technology Nuclear power. In the future, fintech should be more deeply integrated with scenarios and businesses, and technology should play a greater role in promoting financial development and innovation.

Many people pointed out that at present, some companies in the fintech industry are facing development difficulties, including companies such as online loans and big data. Under high-pressure supervision and rectification, their living space has been further squeezed and there are many obstacles to transformation. However, gratifyingly, under the new opportunity, Fintech companies with their own technology, scenarios and business compliance also ushered in more room for development.

It should be noted that, while boldly innovating, fintech institutions should still adhere to the compliance bottom line. As a regulator recently pointed out, "Beijing is actively promoting the second batch of fintech 'supervision sandbox' projects. After being incorporated into the 'supervision sandbox', it can be broken at the boundaries of the financial industry, but one principle is that The bottom line cannot be broken. "

Yu Baicheng also pointed out, "The window to support the development of fintech has been opened one after another, but this window is not targeted at all fintech companies. Fintech companies that comply with regulatory development, have strong technical capabilities, and can really help financial institutions solve business problems will For better development. "

Sun Yang believes that "fintech companies should focus on core technologies, basic technologies and other fields, such as blockchain, database, cloud computing, deep learning, biometrics, etc. Although we are all applying them, the underlying core technologies are still not mastered. In addition, we must also focus on development characteristics, such as in rural fintech and small and micro fintech. We cannot do all products and technologies, and we must do our best in compliance, privacy protection, and intellectual property applications. The 'Red Line' is to comply with regulations, to comply with regulations, and to strictly comply with data, personal privacy protection, information security and other regulations. "

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