Seminar on “Fintech Regulation: UK-China Collaboration to Promote Financial Innovation”
2018-03-28 IMI
Ben Shenglin explained the international regulatory framework from three perspectives, namely the international practices and British experience, China's opportunities and lastly, policy advices. He comprehensively analyzed the UK regulatory sandbox for FinTech from its concept, process and advantages. He also noticed China's opportunities. Through studying China's regulatory framework and research findings, he analyzed China's feasibility report and offered advices for China's Fintech development.
Xu Qijie said that the rapid development of Fintech in China has had a major impact on the country’s financial products, services and framework, and has promoted digital inclusive finance and the transformation and upgrading of China’s financial industry. He concluded that Fintech is still developing in China and that there are noticeable trends suggesting its regulated development. He suggested that traditional financial institutions welcome this new technology and supporting facilities like those for payment clearing or information and communications be improved. He reminded that there are still many aspects worthy of further research and discussion.
Mary Starks talked about FCA’s three goals: financial market stability, consumer protection, and market innovation. She said that FCA’s regulation standard is that the regulators promote an environment of fair competition and maintain public confidence in market justice. She believed that the regulators should issue policies and regulations that protect small and medium enterprises and consumers and the regulatory sandbox is an invention that expects both opportunities and challenges. She added that to globalize the regulatory sandbox, FCA will expand its business to other countries and work with these countries to establish an international regulatory sandbox that allows collective solutions to financial crisis.
Kunal Khatri noticed that the British Embassy in China has always been committed to Fintech development in both countries and with the innovations in the regulatory sandbox, the UK’s role as the international financial center can be strengthened. He mentioned that, at present, there are more than 1,600 Fintech companies in the UK, involved in all segments of the financial industry. He said that the regulatory sandbox is made for consumer welfare and financial stability and the advantage of itis that it promotes Fintech development and helps companies, especially small and medium-sized ones, understand the current regulatory environment and policies at the same time.
He also said that the "Fintech Regulation: UK-China Collaboration to Promote Financial Innovation" project introduce the UK's experience and actions in financial regulation, and at the same time recognize the particularity of the challenges that China faces. He stated that, despite the risks, there isplenty of room for Fintech development in China and technological capabilities Chinese business symbols have are where British companies need to be improved. He hoped that both countries can further promote the regulatory sandbox in China and jointly globalize the box. He believed that our efforts will facilitate further cooperation in innovation and regulation between the two countries.
Jiao Jinpu made three points: First, good regulation should correctly predict the coming changes in the financial system. Second, China is still exploring its financial regulation. The regulatory system and actions change greatly and are far from settled down. Third, it is imperative to explore effective financial regulatory model and regulatory approaches. He said that finance is everyone’s basic need and basic right in the future and good financial approaches should be convenient and efficient ones that are able to cater to consumers’ needs.
The roundtable discussion was chaired by Kieran Garvey, CCAF Director. The following guests joined the discussion including Stephen Baron, Financial Services Specialist in the British Embassy, Huang Jian, Experian’s Managing Director of Greater China, Alastair Johnson, Nuggets CEO, Yang Jun, Chief Risk Officer of Shanghai Lujiazui Finance Exchange, Yang Dong, Associate Dean of School of Law, Renmin University of China, Zhao Xijun, Associate Dean of School of Finance at Renmin University of China, Zhao Haiying, Chief Risk Officer of China Investment Corporation, Zhang Lijun, Managing Partner of Pricewaterhouse Coopers, Guo Dagang, Secretary General of Beijing Internet Finance Industry Association, Xiao Geng, Professor of Practice in Finance and Public Policy at School of Business and the Faculty of Social Sciences of the University of Hong Kong and Chairman of the Academic Committee of the International Finance Forum (IFF), Liu Qingsong, former Director of the Henan Regulatory Bureau, China Securities Regulatory Commission (CSRC), etc.
