ABSTRACT
Fintech refers to innovative business models, applications, processes, and products that are enabled by new technologies such as big data, AI, blockchain, and cloud computing. Fintech activities can be divided into five categories: payments, clearing and settlement; deposits, lending and capital raising; insurance; investment management; and market support. Fintech can increase efficiency and reduce the costs of financial services, have a profound influence on the financial ecosystem, reshape financial market structures, and become an essential element in the analysis and management of financial stability. Regulators around the world are striking a balance between encouraging Fintech innovation and enhancing Fintech regulation. The principle of “same business, same risk, same regulation” has been widely adopted. Some countries have introduced mechanisms such as “regulatory sandboxes,” “innovation hubs,” and “innovation accelerators.”
