A Double-layered Mechanism of Fault Tolerance in RegTech
The development of the digital economy has entered a phase of"deepened application,standardized development,and inclusive sharing",while FinTech and RegTech are still in an asynchronously evolutionary process.The innovation of RegTech is prone to failure,which has its own unique characteristics and deep-rooted causes,thus it is necessary to strengthen the double-layered mechanism of fault tolerance in terms of RegTech and FinTech.Faced with trilemma in objectives of regulatory authorities,third-party technology providers,and regulated institutions,the RegTech and ComTech is facing the predicament of unsuccessful connection,thus it is necessary to make a shift towards a concept of tolerant regulation.Tolerant regulation does not mean"non-regulation"or"campaign-oriented regulation",instead it is a kind of regulation that provides a relative margin of error according to legal procedure,encourages innovation,and promotes the regulation capable of realizing sustainable development,with a focus on the overall social interests and stable expectations in normal regulatory practices.In the double-layered mechanism of fault tolerance,the Central Financial Commission and the Financial Work Committee serve as the tolerance body in the upper layer,while the object of tolerance and exemption is the financial regulators who take responsibility to act and are brave enough to innovate.The content of tolerance should shift from purely developing regional experimental fields to comprehensively promoting the simultaneous development of RegTech innovation and risk prevention.At the same time,the priority of procedures and the precision of accountability should be emphasized.
FintechRegTechComTechDouble-layered Mechanism of Fault ToleranceInclusive Regulation
NETL
NSTL
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