论金融科技的穿透式监管

金融科技作为信息技术驱动的金融创新,正改变金融市场格局。但伴随金融与科技深度融合,综合性的金融主体、技术泛化的金融产品与异化的金融权利却诱致复杂的金融风险。由于传统金融监管在应对上述风险时存在对象错配、方式滞后与机制失效的局限,穿透式监管成为回应现实需求的最佳选择。金融科技的穿透式监管应坚持以实质重于形式为核心,突出对金融数据、内置算法与金融科技机构的多向穿透,并遵循适应性原则、系统性原则与比例原则指导具体监管实践。在实践中,金融监管层不仅应利用智能化、嵌入式的监管科技和全面、严格的信息披露刺破金融科技的复杂结构,还应搭建统一的监管协调体系、制定详尽的监管规范、划定主体的责任边界,以落实穿透式监管理念,提高金融科技监管有效性。

Research on the Penetrating Supervision of Fintech

As financial innovation driven by information technology,Fintech is changing the pattern of finan?cial markets.However,with the in-depth integration of finance and technology,comprehensive financial entities,technologically generalized financial products,and alienated financial rights have induced complex financial risks.Due to the limitations of object mismatch,method lag and mechanism failure in traditional financial supervision in dealing with the above risks,penetrating supervision has become the best choice to respond to actual needs.The penetrating supervision of financial technology should adhere to the core of valuing substance over form,highlight the multi-directional penetration of financial data,built-in algorithms and financial technology institutions,and fol?low the principles of adaptability,systemicity and proportionality to guide specific regulatory practices.In practice,financial supervisory authorities should not only use intelligent,embedded supervisory technology and comprehen?sive and strict information disclosure to pierce the complex structure of financial technology,but should also estab?lish a unified supervisory coordination system,formulate detailed supervisory regulations,and delimit the subject's responsibility boundary,so as to implement the penetrating supervision concept and improve the effectiveness of fi?nancial technology supervision.