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New paradigm for regulating financial technology

| 2017-06-28 | Hits:
(Chinese Social Sciences Today)

The National Finance and Development Laboratory and the Social Sciences Academic Press released a blue book for financial regulation in Beijing on June 19. The report introduced the development and regulation of financial technologies as well as China’s financial regulation in 2016. According to the report, unlike “internet finance,” known as “financial technology 1.0,” “financial technology 2.0” is characterized by transboundary, disintermediation, decentralization and self-feedback. Hu Bin, deputy director of the laboratory and the Institute of Finance and Banking at the Chinese Academy of Social Sciences, said the existing regulatory framework may be ineffective at preventing and controlling risks brought by financial technologies, and a new paradigm is needed to strengthen regulation of financial technologies.