Outstanding starter first!Beijing releases requirements for the second phase of the pilot project for financial technology supervision

Outstanding starter first!Beijing releases requirements for the second phase of the pilot project for financial technology supervision
On the evening of March 23, the official public number of the Beijing Institute of Financial Science and Technology issued the “Notice Concerning the Recruitment of Pilot Innovation Application Projects (Phase II) of Beijing’s Fintech Innovation Supervision”.According to the notice, the second phase project declaration must have four characteristics: “business inclusiveness”, “technological innovation”, “risk controllability” and “requires regulatory support”.Among them, the project needs to be the first in the country in terms of technology application and product structure, with strong originality.With further support and guidance, Beijing announced at the end of 2019 that it will take the lead in piloting the supervision of fintech innovation.On January 14, Beijing conducted a public announcement of six projects (first batch) of pilot application of financial technology innovation supervision.On March 17, the Beijing Financial Supervision Bureau announced that the first batch of innovative application projects in the Beijing Sandbox have been registered, and the collection of the second batch of projects has also started.According to the introduction of the Beijing Institute of Financial Science and Technology, the requirements for soliciting innovation and application projects (Phase II) of the Beijing Financial Technology Innovation Supervision Pilot are mainly reflected in three aspects.First of all, the declared project must also have four characteristics: “business inclusiveness”, “technological innovation”, “risk controllability” and “requires regulatory support”.The specific content is: “business inclusiveness”, which means that the project supports major national strategies, the development of sophisticated industries and economic transformation and upgrading, supports scientific and technological innovation, private development, small and micro development, supports the improvement of social livelihood, and improves economic efficiency, which is in line with financial supplySide structural reforms.”Technological innovation” refers to the innovation of the project in the application of technology, product structure, or service method. It is the first in the country and has a strong originality.”Risk controllability” means that under the basic circumstances of compliance with laws and controllable risks, the project does not break through existing laws, regulations and basic system arrangements, and the project has a thorough risk treatment plan to protect the legitimate rights and interests of consumers.The “requirement for regulatory support” requires that the project has typical meaning and demonstration, can be copied, can be promoted, or business innovation is not clearly defined under the current regulatory system.According to statistics, regarding the subject of the project declaration, the Beijing Institute of Financial Science and Technology stated, “It can be either a licensed financial institution or a fintech enterprise; if the fintech enterprise is the subject of the declaration, it must jointly declare with at least one licensed financial institution.”That is, alternative requirements for fintech companies that still need to” cooperate “with licensed financial institutions.In this regard, the adjustment of the six projects announced in the pilot application (first batch) of financial technology innovation supervision in Beijing two months ago was limited.The main subjects of the first batch of pilot application projects that appeared on Beijing on January 14 were ICBC, Agricultural Bank of China, Baixin Bank, Bank of Ningbo and other licensed institutions.Among the two project main bodies, there were figures of financial technology companies such as Du Xiaoman, Xiaomi Shuke and JD.com, whose identity at that time was that of CITIC Bank or China UnionPay.Thirdly, the Beijing Institute of Financial Technology proposed that the reporting unit of the project has no records of violations of laws and regulations, and adapted and cooperated to complete the review, publicity, test process, and cooperate with the regulatory department to do risk prevention and emergency disposal.It is understood that the deadline for the application of this project credit report is March 26 (this Thursday) before 12:00.The Beijing Institute of Financial Science and Technology invites enterprises to fill in the Application Form for Innovation and Application Projects (Phase 2) and the Information and Statistics Table for Pilot Projects of Fintech Application and Innovation Supervision Projects in accordance with the “Solicitation Requirements for Pilot and Innovation Application Projects of Beijing Financial Technology Innovation Supervision”》》, Feedback to huangxin @ beijingfintech by email.org.At the “2019 Financial Street Forum Annual Meeting” on May 30 last year, the Beijing Institute of Financial Technology was officially unveiled. The current dean is Xie Ping.Public information shows that the Institute is an independent private non-enterprise unit established in Beijing’s financial technology and professional service innovation demonstration area jointly sponsored by some key universities, financial institutions and fintech leading enterprises under the strong support of the Beijing Municipal Government.Beijing Financial Technology Research Institute will focus on aggregating resources, technology sharing, R & D breakthroughs, regulatory sandboxes, product testing, model output, international exchanges, talent training, etc., and strive to create an open, public, cutting-edge financial technology public R & D platformTo create an open innovation ecosystem for financial technology.Sauna, Ye Wang Huang Xinyu Editor Li Weijia Proofreading Li Shihui