金融科技政策跨国纵览.docx
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1、ContentsExecutive summary1Section 1 - Introduction 4- The fintech environmentConceptual framework: the fintech tree6Fintech activities: the treetop 7Enabling technologies: the trunk9Policy enablers: the roots10- Regulatory responses to fintech activities10Digital banking11Fintech platform financing1
2、4Robo-advice18Digital payment services and e-money21Insurtech business models 25Financial services related to cryptoassets26- Policy responses for enabling technologies 31Application programming interfaces33Cloud computing 33Biometrics34Distributed ledger technology34Machine learning and artificial
3、intelligence35- Policy enablers 36Digital ID systems38Data protection frameworks38Cyber security frameworks 39Open banking initiatives40Innovation facilitators40- Further considerations for financial sector authorities42Section 2 - Concluding remarks46References4852Annex 1 - List of jurisdictionsthi
4、s paper, we define digital banks (eg KakaoBank and KBank (both Korea), WeBank and MyBank (both China), Monzo (UK), Nubank (Brazil) and N26 (mostly Europe) as deposit-taking institutions that are members of a deposit insurance scheme12 and deliver banking services primarily through electronic channel
5、s instead of physical branches. This second element, in terms of this definition, implies that the business model of a digital bank relies heavily on technology, and this is what distinguishes it from a traditional bank.Fintech platform financing. Several fintech activities are facilitated by electr
6、onic platforms that provide a mechanism for intermediating financing over the internet.13 Platforms make extensive use of technology and data. We distinguish the following types:Fintech balance sheet lending refers to credit activity facilitated by internet-based platforms (not operated by commercia
7、l banks) that use their own balance sheet in the ordinary course of business to intermediate borrowers and lenders. Importantly, balance sheet lenders (eg WeLend in Hong Kong SAR and Quicken Loans in the United States14) do not obtain funding from the “crowd“ but rely on other sources, such as own c
8、apital or debt issuance. Balance sheet lending platforms enter directly into loan contracts with their borrowers and assume credit risk by keeping originated loans on its balance sheet, at least until they are sold to investors.Crowdfunding. The term crowdfunding refers to the practice of matching p
9、eople and companies raising funds with those seeking to invest for a financial return without traditional financial institutions as intermediaries.15 There are two major types. The first, equity crowdfunding, refers to an activity where investors provide funding to private companies in the form of e
10、quity. The fintech platform matches investors with companies they want to invest in, enabling them to participate in the early capital raising activities of startups and other companies. The second, loan crowdfunding, refers to credit activity facilitated by internet-based platforms (not operated by
11、 commercial banks) that match borrowers with lenders.16 Here, individual loan contracts are established between borrowers and lenders, without the platform being engaged in risk transformation. While this definition is in principle consistent with that of fintech credit in Claessens et al (2018) and
12、 CGFS-FSB (2017)z our definition of loan crowdfunding excludes fintechacross jurisdictions. Regulations in some jurisdictions provide licensing categories for various types of banking business and, for example, require entities to hold a banking licence even if they only engage in granting loans. Th
13、is is the case, for example, in Austria and Germany.This defining element of a bank in the narrow sense appears to be consistent with the understanding of a number of regulatory agencies. For example, according to the Australian Prudential Regulation Authority (APRA), “financial institutions that ta
14、ke customer deposits occupy a unique position of trust within the community. The financial safety of these institutions is key to the financial stability and economic well-being of the community and, as a result, these institutions are subject to higher standards than many other sectors of the econo
15、my0 (APRA (2018a).Or some other application or electronic medium.Quicken Loans is the largest mortgage lender in the United States. While it services almost all the loans it originates until they are paid off, for refinancing purposes, it offers the loans it originates to mortgage investors, often o
16、ne of the three government- owned or government-sponsored corporations that deal in mortgages (Fannie Mae, Freddie Mac and Ginnie Mae). See the Quicken Loans website.Crowdfunding as defined in this paper excludes reward and donation crowdfunding because these activities do not entail a financial ret
17、urn for the people giving money and are therefore typically not subject to financial regulation. However, if a reward or donation crowdfunding platform processes or initiates payments related to its activities for its customers, it may be required to obtain a payments licence. In addition, it may be
18、 subject to consumer protection regimes and anti-money laundering and combating the financing of terrorism (AM L/C FT) requirements.Fintech platforms facilitate various forms of credit, including consumer and business lending, lending against real estate, and non-loan debt funding such as invoice fi
19、nancing (CGFS-FSB (2017).balance sheet lending. This is necessary because regulatory frameworks treat fintech balance sheet lending differently. Robo-advicez or automated digital advice, refers to financial advice on investment products that is provided with no or limited human intervention and reli
20、es on technology to automate the client onboarding process and the generation of advice through algorithm-based tools. Digital payment services. Digital payment service providers make use of technology to facilitate payment transactions17 by transferring money, clearing or settling balances digitall
21、y, without the use of physical money. As such, they digitally channel funds from payers to payees by either handling payers money themselves or initiating payment orders on behalf of payers with respect to transaction accounts held at other financial institutions. E-money services refer to the issua
22、nce of debt-like instruments (e-money18) for the purpose of facilitating payment transactions. From a balance sheet perspective, e-money represents a fixed value claim on its issuer (e-money provider) that guarantees redemption at a pre-established face value denominated in fiat currency (Adrian and
23、 Mancini-Griffoli (2019), Furthermore, for a claim to be considered e-money, it needs to (i) serve as a multipurpose medium of exchange; (ii) be accepted as a means of payment by parties other than the issuer; and (iii) be issued only on receipt of funds (e-money is prepaid).19Insurtech buisness mod
24、els. Insurtech refers to the insurance-specific branch of fintech. In the insurance sector, the term insurtech is used to refer both to the use of digital technologies as well as to new business models that have the potential to transform the insurance business (IAIS (2017). For this paper, we will
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