Industry News | 49 pilot applications of financial technology innovation in the capital market were publicized

New progress has been made in the financial technology innovation pilot in the capital market, dubbed the "CSRC version of the regulatory sandbox" by the market.

On December 8, the Shanghai Securities Regulatory Bureau issued the "Notice on the Public Announcement of the First Batch of Pilot Project Plans for the Capital Market Financial Technology Innovation Pilot (Shanghai)". On December 7, Shenzhen and Guangzhou also announced the first batch of financial technology innovation pilot projects in the capital market. Taken together, there are a total of 49 application announcements in the three places.

According to Che Ning, deputy director of the Center for the Rule of Law and Sustainable Development of China University of Political Science and Law, the above-mentioned cities are places where capital is active. In the future, the financial technology pilot project in the capital market may expand to fund, wealth management product issuance and other fields. "At present, technology and related data applications are becoming more and more important to the building of financial services for the real economy. In the balance between financial technology innovation and risk prevention and control, the regulatory 'sandbox' has become more prominent and has become a general tool for the industry. It is expected that in the future, Both the project product category and the pilot cities will continue to expand.”

  Shanghai pilot project presents three characteristics

In October 2021, the China Securities Regulatory Commission will support the launch of a pilot project for fintech innovation in the capital market in Shanghai. Up to now, 26 declared projects are planned to be included in the first batch of financial technology innovation pilots in Shanghai's capital market.

Specifically, the reporting units include Guotai Junan Securities Co., Ltd., Shanghai Stock Exchange Technology Co., Ltd., and China Financial Futures Exchange Co., Ltd.

Multiple types of subjects, including Shanghai Bangdai Digital Technology Co., Ltd., involve securities companies, banks, technology companies, data companies, etc., and most projects are joint declarations. Judging from the declared projects, 4 of the 26 publicized projects involve digital renminbi.

Wang Pengbo, a senior analyst in the financial industry of Broadcom Consulting, told the "Securities Daily" reporter, "From the perspective of digital renminbi-related projects, its application scenarios are more abundant and diverse. help."

According to Gan Yutao, executive director of the Beijing Xinke Financial Development Research Institute, the financial technology innovation pilot project in the Shanghai capital market has the following characteristics: First, the applicants are more diversified, and many projects are jointly declared by institutions and technology companies; Four projects involve digital renminbi, showing the trend of deepening the securities industry and fund payment system in the future; third, new technologies such as artificial intelligence, blockchain, and big data are being implemented in the securities industry, and will further increase innovation and empowerment in the future , broaden the service boundaries.

More blossoms in pilot areas

On December 7, the Guangzhou Securities Regulatory Bureau issued the "Notice on Publicly Soliciting Opinions on the First Batch of Pilot Project Plans for Fintech Innovation Pilots in the Guangzhou Capital Market"; on the same day, the Shenzhen Securities Regulatory Bureau issued "About the "Notice for Public Comments on Plans for Pilot Projects".

Specifically, the Guangzhou Securities Regulatory Bureau announced 13 declaration projects, including the ABS financing service platform for small and medium-sized enterprises based on big data and blockchain technology, the centralized custody and innovative service platform for non-listed securities in Guangdong Province based on blockchain, etc.; Shenzhen Securities Regulatory Commission The bureau announced 10 declaration projects, including the application of digital renminbi under the wealth management system of securities companies, wealth investment education and content production platforms based on digital human interaction technology, etc.

Wang Pengbo said that since last year, many places have successively announced the pilot application of financial technology innovation in the capital market, showing the characteristics of many cutting-edge technology applications and fully integrating the capital market; Further expansion.

Talking about the development trend, Che Ning predicts, "On the one hand, some areas with strong regulatory capabilities, good business environment, and strong technology companies will be included in the pilot program, especially some central cities in the central and western regions, which will be selected due to their unique advantages. On the other hand, the technical level and business scope involved will also expand, and the application of risk control technology in popular fields such as network security and data security deserves attention.”