論金融科技創新之監理法制

隨著科技技術的日新月異，產業快速地被推動隨著逐漸放寬對於利率、金融業務等管制事項，金融自由化加速進行，金融國際化發展更為快速。通訊與資訊科技之革新引入金融活動中，帶來各式各樣的金融創新，促進金融機構之發展，改變金融體系原本樣貌，產生金融現代化過程。直接金融比例逐年提升，間接金融業務成長相對降低。為滿足消費者需求、增強自身競爭力，各國金融機構莫不致力於開發新業務，多元化經營成為主流，並促使金融機構間進行合作、整併，以達最適規模、產生經營綜效，大型金融集團相繼而生。惟2007 年開始席捲全球之金融海嘯顯示出金融市場長久以來過度為追求金融創新而去規範化、現存規範設計缺陷以及監理機關失能等問題，是以危機結束後國際間紛紛檢討以及進行金融市場規範之改革。我國金融業歷來一直受到高度管制，金融消費者遂利用法規套利行為，規避我國之法制規範，亦顯示了法域競爭下法律市場力量之供給與需求，已對投資決策產生影響；而國際間均主張法規鬆綁與管制革新有助於提升經濟成長，過多之管制相互扞格，法制終將失去其規範功能。本文藉由整理分析英、美等國家現行監理沙盒制度，認為我國應鬆綁金融規範，以免阻礙企業營運，併以提升我國之國際競爭力，以期在「鼓勵創新」、「保障金融消費者權益」及「避免金融市場脫序」中取得平衡，對我國金融科技發展有所助益。

關鍵字

金融科技發展；監理沙盒；保障金融消費者權益；避免金融市場脫序

並列摘要

With the rapid development of science and technology, the industry is rapidly being promoted. With the gradual relaxation of regulatory matters such as financial services and financial services, financial liberalization has accelerated, and financial internationalization has developed rapidly. The introduction of innovations in communications and information technology into financial activities has brought a variety of financial innovations, promoted the development of financial institutions, changed the original appearance of the financial system, and produced a process of financial modernization. The proportion of direct finance has increased year by year, and the growth of indirect finance has been relatively reduced. system, and produced a process of financial modernization. The proportion of direct finance has increased year by year, and the growth of indirect finance has been relatively reduced. In order to meet consumer demand and enhance their own competitiveness, financial institutions in various countries are committed to developing new businesses, diversified operations have become the mainstay, and cooperation and consolidation among financial institutions have been promoted to achieve the optimal scale and generate comprehensive operating efficiency. Groups have emerged one after another. However, the global financial tsunami that began to sweep the world in 2007 shows that the financial market has long over-deregulated for the pursuit of financial innovation, existing regulatory design flaws, and the ineffectiveness of supervision agencies. The international review and financial market regulation have been conducted after the crisis. Reform. China's financial industry has always been highly regulated, and financial consumers have used arbitrage laws and regulations to evade China's legal norms. It also shows that the supply and demand of legal market forces under legal competition have affected investment decisions. The loosening of laws and regulations and the reform of regulations will help to promote economic growth. Too many regulations are mutually exclusive, and the legal system will eventually lose its normative function. This paper analyzes the current supervision sandbox systems in Britain, the United States and other countries. It argues that China should loosen financial regulations so as not to hinder business operations and improve China's international competitiveness. "Achieving a balance between" avoiding financial market out-of-order "will help China's fintech development