关键词: 监管科技, 金融科技, 金融风险, 发展路径, 三元悖论, 法律金融学

Abstract:  The constant development of financial technology (FinTech) has not only brought about changes in financial risks and financial regulation, but also promoted the evolution of regulatory technology (RegTech): from technical regulatory application to regulatory data automation, and further to data-centric algorithm supervision. The “trilemma” theory in the traditional financial context holds that regulators can at best achieve two goals at any given time between financial innovation and development, financial risk prevention and the protection of financial consumers’ rights and interests. However, given the new context of FinTech development, the “trilemma” theory is hardly applicable, thus calling for reconstruction. A detailed analysis of the status quo of China’s RegTech development and its framework system reveals that RegTech gives rise to many risks such as algorithm black box and monopoly, systemic financial risk, consumer privacy invasion and data security risk. In this regard, with the research method of law and finance, the development experience of RegTech in extraterritorial marine law system (United Kingdom) and continental law system (Japan) is compared and analyzed. It is found that “twin peaks regulation” and appropriate innovative regulation are adopted respectively by UK and Japan in coping with the “trilemma”. Based on the findings, some suggestions are given for the transformation of the development path of China’s RegTech.

Key words: RegTech, FinTech, financial risk, development path, trilemma, law and finance studies