ABSTRACT

This article evaluates the sandbox approach as a regulatory answer to the challenges financial technology brings to finance and social relations. Taking fintech as a sociotechnological phenomenon embedded in discourses of solutionism and innovation, we show that the regulatory sandbox accepts these discourses. Instead of containing fintech, the sandbox is designed in a way that advances riskwashing of fintech even if it is disguised as risktaming. Next, we demonstrate fintech’s problematic nature that regulation should control. First, we propose that through its information processing capacity, fintech accelerates the transition from bank-based to market-based finance. Second, we demonstrate that fintech as part of a fintech-financialization apparatus has catallactic and value-extracting governance effects. Third, inserting the fintech-financialization apparatus into Fourcade and Healy’s argument on the social stratification effect of the data-driven economy, we argue that it also has a socially disruptive potential. We critique the regulatory sandbox for being a facilitator to this process and recommend increasing the number and power of veto players and veto points in complex regulatory regimes.

摘要

本文将沙盒方法作为对金融技术给金融和社会关系带来的挑战的监管回应进行评估。将金融科技视为嵌入解决方案和创新话语中的社会技术现象，我们表明监管沙箱接受这些话语。沙箱不是包含金融科技，而是以一种促进金融科技风险清洗的方式设计，即使它伪装成风险驯服。接下来，我们展示了监管应该控制的金融科技的问题性质。首先，我们建议金融科技通过其信息处理能力，加速从银行金融向市场金融的转变。其次，我们证明金融科技作为金融科技金融化工具的一部分具有催化和价值提取治理效应。第三，将金融科技金融化设备插入 Fourcade 和 Healy 关于数据驱动经济的社会分层效应的论点中，我们认为它也具有社会破坏潜力。我们批评监管沙盒是这一过程的推动者，并建议在复杂的监管制度中增加否决权人和否决点的数量和权力。