超越监管沙盒_在新兴市场实现FinTech创新（英文版）_16页_169kb

BFA: Going Beyond Regulatory Sandboxes to Enable FinTech Innovation in Emerging Markets

Core Content

This working paper by Simone di Castri and Ariadne Plaitakis explores the challenges of fostering FinTech innovation in emerging markets and argues that regulatory sandboxes, while useful, are not sufficient on their own. The authors highlight the need for a more holistic and multi-dimensional regulatory ecosystem that supports both innovation and public interest.

Main Points

• FinTech Revolution: The financial services industry is evolving from traditional banks to technology-driven providers. Mobile money is a key example, with over 180 million active accounts and 43 million daily transactions. FinTech promises to increase access, affordability, and competition in financial services.

• Regulatory Challenges: Emerging markets face significant regulatory hurdles, including uncertainty, outdated laws, and barriers to entry. These challenges can delay product development, limit access to finance, and reduce investor confidence.

• Regulatory Sandboxes: Introduced by several countries to test innovations and allow regulators to learn, sandboxes provide a controlled environment for FinTech firms. However, they are limited in scope and often do not address broader systemic issues. Most sandboxes have only supported a small number of firms, and their impact remains limited.

• Lessons from Mobile Money: The success of mobile money in some regions, such as Kenya with M-Pesa, demonstrates the importance of regulatory flexibility and willingness to experiment. However, even in these cases, other factors like merchant acceptance, government support, and data accessibility play a critical role.

• Beyond Sandboxes: The authors argue that sandboxes are not enough. Policymakers must address a range of challenges, including capital access, technical expertise, infrastructure, and data availability, to create a truly enabling environment for FinTech innovation.

Key Recommendations

To foster a robust FinTech ecosystem, the authors suggest nine key reforms:

Support Measures for FinTech Start-ups

1. Direct support for FinTech: Governments should support local entrepreneurs through events, accelerators, and incubators.
2. Early adoption: Government use of FinTech solutions can create business opportunities and encourage public adoption.
3. Favorable fiscal policies: Lower tax rates and subsidies for angel investors can attract investment in FinTech.

Digital and Financial Infrastructure

4. Digital connectivity: Governments should invest in telecommunications infrastructure to support FinTech growth.
5. Growth of digital financial services and interoperability: Policies should promote digital financial inclusion and interoperability across sectors.
6. Open data and APIs: Open data access and APIs can foster innovation and reduce time-to-market for FinTech products.

Legal Framework

7. Improve ease of doing business: Streamline business registration and licensing, and enact flexible labor laws.
8. Simplify personal data processing: Enable data collection and analysis while avoiding overly burdensome data localization rules.
9. Create an even playing field: Ensure fair competition and monitor anticompetitive behavior by incumbents.

Conclusion

Regulatory sandboxes are a useful tool, but they must be part of a broader strategy that includes supportive policies, infrastructure development, and legal reforms. Only by addressing these multifaceted challenges can emerging markets fully harness the potential of FinTech innovation to promote financial inclusion and economic growth.

Authors

• Simone di Castri: Director of the Policy & Ecosystem Development Practice at BFA. Expert in financial and digital inclusion, with experience in over 40 countries. Holds a PhD in Law and Economics.
• Ariadne Plaitakis: Senior Associate at BFA with over 18 years of experience in digital finance, payments regulation, and financial inclusion. Currently an Adjunct Professor in competition law and business ethics at the University of Cergy-Pontoise. UK-qualified solicitor with degrees from Oxford and Georgetown Universities.

References

• GSMA, State of the Industry Report on Mobile Money, 2016
• The Economist, The Fintech Revolution, 9 May 2015
• Accion, How Financial Technology is Changing Financial Inclusion
• Financial Conduct Authority (FCA), Regulatory Sandbox Blog
• Monetary Authority of Singapore, Experimenting in the Sandbox Blog
• Omidyar Network, Kabir Kumar
• Basel Committee on Banking Supervision, Sound Practices
• G20 Global Partnership for Financial Inclusion, Digital Financial Inclusion: Emerging Policy Approaches