Regtech, Suptech and Beyond: Innovation in Financial Services
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China’s financing opening up and regulatory convergence with the world
Alicia García-Herrero and Gary Ng
Foreword
Preface
Preface
Introduction: Suptech/regtech defined: Payments, sandboxes and beyond
The uncertain prudential treatment of cryptoassets
US regulatory certainty versus uncertainty for crypto and blockchain
Bermuda: Suptech and regtech supporting the risk-based approach
Suptech: A new era of supervisory philosophy
Cloud computing in the financial sector: A global perspective
DeFi protocol risks: The paradox of cryptofinance
IT transformation in the Prudential Authority of South Africa: A case study
Making the vision a reality: Perspectives from the Monetary Authority of Singapore
Lessons from Hong Kong through the lens of the HKMA
Technological change: Is it different this time?
The ECB’s suptech innovation house: Paving the way for digital transformation of banking supervision
China’s financing opening up and regulatory convergence with the world
Disclosures and market discipline: The promise of regtech
Regtech and new derivatives developments
Fintech and regtech: Leading the evolution and regulation of alternative investments
The role of artificial intelligence and big data in investment management
The promise and challenges of machine learning in finance
Data privacy and alternative data
Digital ID and financial inclusion
Strategic technology: Regulation and innovation of CBDCs
Regulatory sandboxes: Innovation and financial inclusion
Technology and sandbox development innovation in a transitional market: A case study
Developing the regulatory ecosystem: The evolution of stablecoin
Central bank digital currency, regtech and suptech
Digital dollar: Cryptocurrency for everyday commerce
CFTC regtech implications for virtual currency trading
Fintech, regtech, suptech and central bank decision making
This chapter will discuss China’s financing opening and key regulatory changes, which could be of interest for the regtech industry given the economic and financial size of the country. Three themes are highlighted to illustrate China’s importance in promoting regulatory convergence in the financial services and related sectors: its financial opening and relevance globally; its implementation and progress so far; and its move toward regulatory harmonisation and global convergence.
HOW RELEVANT IS CHINA’S FINANCIAL OPENING TO THE WORLD’S INVESTMENT FLOWS AND REGULATORY TRENDS?
From the world’s factory to the magnet of investment flows, China has shown profound economic growth since the 1990s. The acceptance of Article VIII Obligations11 IMF members accepting the obligations of Article VIII undertake to refrain from imposing restrictions on the making of payments and transfers for current international transactions, or from engaging in discriminatory currency arrangements or multiple currency practices without IMF approval. by the International Monetary Fund (IMF) means China allows current account convertibility in most circumstances. Its accession to the World Trade
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