文章导读： 金融服务业的变革步伐不断加速，科技正在颠覆并重塑金融行业。技术的革新与应用成为金融业的核心竞争力，并驱动着金融业全面创新。
The pace of change in the financial services sector is accelerating, and technology is destabilizing and reshaping the financial sector. Innovation and application of technology have become the core competitiveness of the financial sector and drive comprehensive innovation in the financial sector.
《中国经济周刊》记者 周琦 摄
《中国经济周刊》记者 周琦 牛绮思 | 北京报道
Chinese Economic Weekly, reporter Zhou Qi, Niu Jianxi, Beijing.
编辑：牛绮思
Editor: Bullsy
（本文刊发于《中国经济周刊》2017年第44期）
(This paper is published in China Economic Weekly, 2017, No. 44)
FinTech的时代已经来临。
FinnTech's time has come.
金融服务业的变革步伐不断加速，科技正在颠覆并重塑金融行业。技术的革新与应用成为金融业的核心竞争力，并驱动着金融业全面创新。
The pace of change in the financial services sector is accelerating, and technology is destabilizing and reshaping the financial sector. Technology innovation and applications become the core competitiveness of the financial sector and drive comprehensive innovation in the financial sector.
近日，在《Fintech：全球金融科技权威指南》签售会之余，该书作者、FinTech Circle首席执行官苏珊娜·奇斯蒂接受了《中国经济周刊》记者的专访。苏珊娜曾被评选为“欧洲数字金融服务有影响力的50人”，在她看来，中国的移动支付在国际上处于领先地位，但金融科技包罗万象，中国在其他领域的发展潜力和空间还很大。
Recently, in the aftermath of the signing of the Fintech: A Guide to Global Financial Science and Technology Authority, Susana Chisti, the author of the book and CEO of FinTech Circle, was interviewed by a journalist for China’s weekly economics. Susana was selected as “50 people with influence in digital financial services in Europe.” In her view, China’s mobile payments are an international leader, but financial science and technology are all-embracing, and China’s development potential and space in other areas remains enormous.
FinTech的潜力在普惠金融
苏珊娜介绍，2016年借贷、支付、财富管理和电子钱包成为金融科技的四大投资热门，印度、中国和新加坡投资金融科技的公司数量在全亚洲占比超过了60%。投资额上，中国更是排在了第一位。
Susana described borrowing, payments, wealth management and electronic wallets as four major investments in financial science and technology in 2016, with India, China, and Singapore accounting for more than 60% of companies investing in financial science and technology across Asia. China was ranked first in terms of investment.
零壹财经发布的《2016年全球金融科技投融资与指数报告》显示，2016年中国金融科技投融资共281笔，占全球56%；总金额达到875亿元，占全球77%。中国金融科技行业迎来“爆发式”增长。
According to the Global Report on Financing and Indexing Financial Science and Technology Investment 2016, China’s financial and technological investment in 2016 amounted to 281, or 56% of the world’s total; it amounted to 87.5 billion yuan, or 77% of the world’s total. China’s financial and technological sector is on the rise.
“科技应用于金融主要涉及6方面，包括零售银行、借贷融资、交易结算、资产管理、支付清算、保险等；而其支持的业务模式则有B2C、B2B、B2G（政府）、P2P借贷、众筹等。此外，金融科技还将基于大数据分析、人工智能、区块链技术、物联网等最新科技发展。” 苏珊娜说，这3个维度可以任意组合，从而构成全面发展的金融科技。
“The application of science and technology to finance covers six areas, including retail banking, lending and finance, transaction settlement, asset management, settlement of payments, insurance, etc., while the business models it supports are B2C, B2B, B2G (Government), P2P lending, public fund-raising, etc. In addition, financial science and technology will be based on state-of-the-art scientific and technological developments such as big data analysis, artificial intelligence, block chain technology, and material networking.” Susana said the three dimensions could be arbitrarily combined, thus constituting a comprehensive development of financial science and technology.
她认为，在英国，金融科技解决方案的发展目标是全方面的，如零售银行的B2C解决方案、交易的B2B解决方案等，将不同的行业、不同的商业模式和不同的科技相结合。相比之下，虽然目前中国的移动支付发展十分成熟，投资力度也很惊人，但这也仅仅是在一个维度中的“支付”领域的突破，而其他领域还有待发展。
In the United Kingdom, she argued that the development objectives of financial science and technology solutions were comprehensive, such as the B2C solution for retail banks, the B2B solution for transactions, etc., combining different industries, different business models, and different technologies. By contrast, while China’s mobile payments were now very mature and its investments were impressive, they were merely breakthroughs in the “payment” area in one dimension, while others remained to be developed.
苏珊娜特别提到了金融科技对发展普惠金融的助推力。在中国，2016年初，国务院印发了《推进普惠金融发展规划(2016—2020年)》，首次从国家层面确立了普惠金融的实施战略。
Susana specifically mentioned the contribution of financial science and technology to the development of inclusive finance. In China, early in 2016, the State Council issued the Development Plan for the Advancement of Inclusive Finance (2016-2020), establishing, for the first time, an implementation strategy for inclusive finance at the national level.
在苏珊娜眼中，对于发展中国家来说，金融科技发展的潜力便在于为那些没有银行账户的人提供支付的渠道。纵观全球，约有25亿人（比如许多在亚洲和非洲的贫困人群）没有银行账户，他们被排除在金融世界之外，而金融科技则可以帮助这些处在社会边缘的人。“比如在非洲，一些金融科技公司根据用户的手机品牌、使用频率、充电频率等因素作为信用程度的评判标准，为未开设银行账户的个人或小企业提供贷款。”
Throughout the world, some 2.5 billion people (e.g. many poor people in Asia and Africa) do not have bank accounts and are excluded from the financial world, and financial science and technology can help these marginalized people. “In Africa, for example, some financial science and technology companies provide loans to individuals or small businesses that do not have a bank account, based on such factors as the user’s mobile phone brand, usage frequency, charging frequency, etc., as a criterion for their creditworthiness.”
鼓励小企业联手银行，对抗金融科技巨头
encourages small business to join forces in the fight against the financial technology giant
经过近几年的快速发展，不少金融科技的细分领域已出现巨头：在支付领域，支付宝、微信支付占据了绝大部分市场份额；理财领域，则有余额宝、理财通、陆金所等互联网理财巨头；网贷领域，宜人贷、信而富等先后上市；保险领域，众安保险也在今年9月底正式登陆港交所。
As a result of the rapid development of recent years, a number of financial and technological subdivisions have emerged: in the area of payments, payment treasures and micro-credit payments account for the bulk of the market share; in the area of financial management, there are large Internet-based money managers such as surplus treasures, treasury management and land-based gold; in the area of mesh loans, credit-rich loans, etc.; and in the area of insurance, public security insurance was officially deposited at the port at the end of September this year.
在这些金融科技细分领域中，腾讯、阿里巴巴、百度的存在感颇高，也让业内人士对于中国金融科技领域是否会出现寡头垄断的局面表示担忧。
In these areas of financial science and technology disaggregation, the presence of Tsing, Alibaba and 100 degrees is high, and concerns have been raised about the existence of an oligopoly in China's financial science and technology sector.
苏珊娜认为，腾讯、阿里巴巴等企业都是金融科技领域的佼佼者，也确实在某种程度上形成了“垄断”，但这些公司并非有意为之，而是因为他们本身的发展就很成功，正如Facebook、谷歌、亚马逊等公司一样。
Susana believes that enterprises such as Tsing, Alibaba and others are leaders in the field of financial science and technology and do form a “monopoly” to some extent, but they do not intend to do so, but rather are successful because of their own development, such as Facebook, Google, Amazon and others.
“在中国，若要避免金融科技领域的寡头趋势，最好的办法就是投资一些小企业进入这一行业，遍布各城市，发展出许多的金融科技中心，提供更多的选择，刺激市场竞争。”她说，传统的银行、保险公司等发展缓慢，但一些小型金融科技公司的发展速度很快，两者寻求合作不失为与巨头企业相抗衡的好方法。
“In China, the best way to avoid an oligopolistic trend in financial science and technology is to invest small businesses in the industry, spread across cities, develop many financial science and technology centres, offer more options and stimulate competition in the market.” She said that while traditional banks, insurance companies, etc., have been slow to develop, some small financial science and technology companies have been growing rapidly, seeking cooperation is a good way to counter big firms.
在与上述巨头的竞争中，传统金融机构的创新转型相对而言依旧缓慢。苏珊娜称，在这个过程中，一些银行恐面临倒闭，另外一些借由金融科技公司力量实现创新的则得以生存。“银行‘求生’一般分为3步：学习金融科技知识，了解机遇在哪儿；寻求伙伴，与最好的金融科技公司合作；投资金融科技公司。”
In competition with these giants, the transformation of innovation in traditional financial institutions is still relatively slow. Susanna claims that in this process some banks are threatened with collapse, while others who rely on the power of financial science and technology companies to achieve innovation survive. “Banking for survival is usually divided into three steps: learning about financial science and technology and knowing where the opportunities are; seeking partners, working with the best financial science and technology companies; and investing in financial science and technology companies.”
监管需要寻找时间平衡点
虽然金融科技为金融业的发展提供了新动力，但也使得金融机构在提供跨市场、跨机构、跨地域的服务时，金融风险的传染性更强、波及面更广，对监管水平提出了更高的要求。
While financial science and technology have given new impetus to the development of the financial sector, it has also led financial institutions to provide services across markets, institutions and territories with greater contagion and wider coverage of financial risks and higher regulatory requirements.
苏珊娜认为，有利润可取的地方，就会产生犯罪等非法行为，因此金融科技必须被纳入监管。“金融科技可细分为3个分支：监管科技、保险科技和理财科技。这3个概念对政府、银行和保险公司都非常重要。”
Susana believes that where profits are desirable, illegal acts such as crime occur and therefore financial science and technology must be regulated. “Financial technology can be broken down into three branches: regulatory technology, insurance technology, and finance technology. These three concepts are important for governments, banks, and insurance companies.”
她分析道，监管的难点在于政府监管机构需要先弄懂金融科技，而后才能决定在监管科技、保险科技、银行和理财科技等方面施以何种监管。但是就监管来说，还需要寻找一个时间上的平衡点：若是一出现就马上行动，可能在金融科技的学习上过于浅薄甚至出现误读，继而有可能在实施监管上出错，甚至因此而扼杀金融科技的创新发展；但若政府监管实施得太晚（比如在金融科技发展两年后才有所行动），其间很有可能会出现金融风险，或者助长很多公司业务上的不规范行为。
She argues that the difficulty of regulation lies in the need for government regulators to understand financial science and technology before deciding what kind of regulation should be applied in such areas as regulation of technology, insurance technology, banking, and finance technology. But, as far as regulation is concerned, there is also a need to find a time-balance: if it occurs, it may be too shallow, or even misinterpreted, in financial science and technology, followed by regulatory errors, and may even stifle innovation in financial science and technology; but if government regulation is implemented too late (for example, after two years of financial science and technology development), it is likely to involve financial risks or contribute to irregularities in the operations of many companies.
欧洲的GDPR（《一般数据保护条例》）将在2018年5月生效，该条例会应用于全球所有在欧洲开展业务的公司。“如果阿里巴巴、腾讯、平安或者美国的公司要在欧洲开展业务，就要遵从GDPR，如有违背，罚款金额很高，大约是该公司全球营业额的4%。” 苏珊娜强调，这部条例出台的目的就是保护个人数据安全和数据隐私，企业需要征得数据持有者本人的同意方可使用个人数据。
Europe’s GDPR (General Data Protection Regulations) will come into effect in May 2018 and will apply to all companies operating in Europe around the world. “If Alibaba, Tsing, Peace, or US companies are going to operate in Europe, they will be subject to GDPR and, in case of breach, the fines are high, about 4% of the company’s global turnover.” Susana stressed that the regulation was designed to protect personal data security and data privacy, and businesses would need the consent of the data holders themselves to use personal data.
不过，面对发展迅速的金融科技，政府部门的监管依旧难以全面覆盖风险。对此，苏珊娜说，企业也可以起到监管预警的作用。她介绍，理财科技有一种风险解决方案，即智能投顾，利用电脑帮助人们在银行对自己的资产管理做出安排。“金融科技公司的价值在于，帮助预测市场的走向。比如，英国一家名为AlgoDynamix的金融科技公司提供风险管理解决方案，利用大数据分析和人工智能，为投资者提供股票上涨或下跌的‘预警’。”
However, in the face of rapidly developing financial science and technology, it is still difficult for government sector regulation to cover the full range of risks. In response, Susanna said that businesses can also act as regulatory early warning. She described a risk solution to finance technology, namely, smart investment, which uses computers to help people make arrangements for their own asset management in banks. “The value of financial science and technology companies is to help predict the direction of markets.
此外，在谈到野蛮发展的虚拟货币时，苏珊娜表示，“虚拟货币（比如比特币、以太币等）未接受长期测试，主要的风险在于它是去中心化的、不受央行管控，价格会大幅波动。中国禁止虚拟货币ICO的措施也很正常。”
In addition, with reference to the brutal development of virtual currency, Susana said that “the main risk of virtual currency (e.g. bitcoin, ethaco) not being tested for a long time is that it is decentralized, not regulated by central banks, and prices are highly volatile. China’s measures to ban virtual currency, ICO, are also normal.”
相关专题：ICO监管来袭 一天暴跌36%
related topic: 36% drops in one day by ICO regulation.
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