On June 2nd, Beijing Local Financial Supervision Administration released the second batch of pilot applications of financial technology innovation supervision in 2020, with a total of 11 applications.
According to the publicized content, the 11 applications are: mobile financial service projects based on intelligent robots (ICBC), industrial financial services based on blockchain (Bank of China) ), 5G+ Smart Bank (Construction Bank), Pratt & Whitney Small and Micro Enterprise Loan Products (Bank of Beijing), “Yi Lu Xing” Mobile Terminal Claim Products (China Life/China Life Beijing Branch), Multi-party Data Learning “Political Finance” Online Financing Projects (Tencent Cloud Computing/Beijing Small and Micro Enterprise Financial Integrated Services Co., Ltd./Shanghai Development Bank Beijing Branch), Tianyi Smart Risk Monitoring Products (China Telecom/YiPay), State Grid Smart Map Risk Control Products (State Grid Credit/Postal Bank ), mobile financial cloud signature shield (CICC Financial Certification Center/Minsheng Bank), blockchain-based enterprise electronic identity authentication information system (National Computer Network and Information Security Management Center, Zhongguancun Bank, Baixin Bank, Minsheng Bank Beijing Branch) ), Smart Cloud Store Service (Lakala Pay).
And the first batch of financial technology innovation supervision pilots in Beijing in 2020 will be published on January 14. Up to now, there have been 17 pilot applications of two batches of financial technology supervision sandboxes in Beijing.
The second batch of pilot application expansion: 6 financial services and 5 technology products
From the two batches of selected pilot applications, ICBC And Baixin Bank twice on the list.
Also the same as the first batch, the “financial technology innovation application statement” of the second batch of applications is also divided into basic information on innovative applications, application service information, and legal Compliance assessment, technical safety assessment, risk prevention and control, risk reminder, complaint response mechanism, etc. Among them, the basic information of innovative applications covers the introduction of technological innovation, innovative application functions, expected effects, expected scale, etc.; risk prevention and control includes risk compensation mechanisms, exit mechanisms, emergency plans, etc.
But the difference is that this batch of pilot applications has achieved capacity expansion.
In addition to the increase in the number of pilot applications, the applications of non-bank financial institutions have increased, and the types of applications have also become more diverse.Add insurance, risk control, identity authentication and other types. Among the 11 applications, six types are financial services, and the other five are technology products.
Technically, the 11 applications mainly focus on artificial intelligence, cloud computing, biometrics, 5G, autonomous driving, Internet of Things, blockchain, big data and other technologies However, the main application technologies of “One Way Travel” mobile terminal claims products are distributed architecture technology, geographic information system GIS technology and photovoltaic character recognition OCR technology.
From licensed financial institutions to non-licensed financial institutions
The regulatory sandbox was first proposed by the United Kingdom to provide emerging financial technology innovation space. It upholds the concept of flexible supervision, supports the exploration and practice of innovative products by providing a real market space with controllable risks while protecting consumer rights, and discovers and avoids product defects and hidden risks in a timely manner. Li Wei, director of the Central Bank’s Department of Science and Technology, once said that China’s original design of innovative regulatory tools was to standardize and guide fintech innovation. The main body of the institutions entering the box must be a licensed institution. After the relevant products of these institutions are out of the box, they no longer serve as fintech innovation Products are regulated, but included in normal financial supervision.
On December 23, 2019, the Central Bank’s Business Management Department, together with the relevant departments, organized the Beijing Financial Technology Innovation Supervision Pilot Startup Meeting, and Beijing took the lead in carrying out financial technology innovation Supervision pilot. The Chinese version of the “Supervision Sandbox” has officially taken off.
On January 14, the website of the Central Bank’s Business Management Department announced to the public the first batch of six pilot applications of fintech innovation supervision in 2020.
On March 16, the Central Bank’s Beijing Operations Management Department announced that after the public review and approval, the first batch of innovative applications for the Beijing Financial Technology Innovation Supervision Pilot has been registered and will be Formally provide services to users.
On March 27, the Beijing Financial Office issued a notice announcing that the second phase of innovative application projects for financial technology innovation supervision has been launched, and stated the project declaration in the solicitation requirements The subject can be a licensed financial institution or a financial technology enterprise.
The second batch of pilot sandbox pilot cities will also accelerate
April 27