Online supply-chain financing has been a relatively novel funding channel for suppliers as small- and medium-sized enterprises (“SMEs”) to obtain loans in that the revolution of financial technology (“FinTech”) transforms traditional supply-chain financing, which used to be administered only by official banks, to an online model also used by electronic commerce platforms (“e-commerce platform”). Endeavours towards financial inclusion of the underserved SMEs could rationalize why we should allow for or encourage FinTech innovations exemplified by the online supply-chain financing mentioned above. What would be an adaptive regulatory regime for such innovative FinTech-enabled financial services as the online supply-chain financing? Within our conceptual framework to regulate the FinTech industry at the early stage, rather than rigorous rules traditionally placed on large financial institutions, a principles-based strategy should be adopted to strike a balance between financial stability and access to financial services advanced by disruptive innovations. As a necessary complement, regulatory sandboxes would be needed to spur a shift in institutional philosophy to a principles-based regulatory regime. In other words, the regulatory attitude of FinTech regulation should be humble and light-touch to promote innovation for improving digital financial inclusion, albeit on the premise of containing potential systemic risk and protecting consumer interest in the meantime.

中文翻译：

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金融科技革命与金融监管：在线供应链融资案例

随着金融科技革命改变了传统的供应链融资方式，在线供应链融资成为中小企业（“SMEs”）供应商获得贷款的一种较为新颖的融资渠道。过去仅由官方银行管理，转变为电子商务平台（“电子商务平台”）也使用的在线模式。对服务不足的中小企业进行金融包容性的努力可以解释为什么我们应该允许或鼓励金融科技创新，例如上述在线供应链融资。对于像在线供应链融资这样的创新金融科技金融服务，什么是适应性监管制度？在我们早期监管金融科技行业的概念框架内，与其传统上对大型金融机构制定严格的规则，不如采用基于原则的战略，在金融稳定和获得颠覆性创新推动的金融服务之间取得平衡。作为必要的补充，监管沙箱将需要促进制度理念向基于原则的监管制度转变。换言之，金融科技监管的监管态度应该是谦虚和轻率的，以推动创新以提高数字普惠金融，但前提是要遏制潜在的系统性风险，同时保护消费者利益。应采取基于原则的战略，在金融稳定和获得颠覆性创新推动的金融服务之间取得平衡。作为必要的补充，监管沙箱将需要促进制度理念向基于原则的监管制度转变。换言之，金融科技监管的监管态度应该是谦虚和轻率的，以推动创新以提高数字普惠金融，但前提是要遏制潜在的系统性风险，同时保护消费者利益。应采取基于原则的战略，在金融稳定和获得颠覆性创新推动的金融服务之间取得平衡。作为必要的补充，监管沙箱将需要促进制度理念向基于原则的监管制度转变。换言之，金融科技监管的监管态度应该是谦虚和轻率的，以推动创新以提高数字普惠金融，但前提是要遏制潜在的系统性风险，同时保护消费者利益。