China's non bank payment market is the largest in the world, and many of our innovative practices in the financial field have crossed the existing path of Europe and the United States. Therefore, the industry is not surprised by the non bank payment Institutions Regulations (Draft) recently issued by the central bank to strengthen the supervision of non Bank Payment institutions in terms of market access threshold.
In the early stage of development, the regulatory environment faced by the third party payment is relatively loose, followed by chaos, such as a mixture of good and bad, sediment and so on. Some institutions provide payment means for gray transactions, and even become a "green channel" for money laundering, which brings harm to economic and social development.
The paradigm and speed of China's Internet enterprises entering the financial field is changing with each passing day. With the rapid integration of science and technology and finance, the boundary between science and technology products and financial business is becoming more and more blurred, and "winner takes all" has brought about market monopoly and unfair competition. At the same time, our financial supervision mode is still based on separate industry supervision and institutional supervision. For some cross market, cross industry and cross field finance, there is still a gap in supervision. For non-financial institutions, the supervision of financial activities is less and softer. All of these have formed financial risks to a certain extent. It tests both the courage and wisdom of regulators.
At present, all parties in the market are gradually forming a consensus: both new finance and traditional finance can develop healthily only in an effective regulatory environment, and can better serve the economic transformation and new development concept. Under this consensus, regulating the non bank payment market is an inevitable move for financial supervision. In fact, the regulatory authorities started to study and formulate the relevant draft as early as 2013. The draft for comments we see today has made great innovations in many aspects and is highly targeted. This process also fully reflects the regulatory level and governance ability in dealing with the contradiction of financial "innovation and regulation".
We can see that recently, the unofficial digital money market represented by bitcoin has gone up and down sharply, which has led to heavy losses for some investors. In China, the research on digital currency of China's central bank is leading the world, and some cities are promoting the digital currency experiment in an orderly manner, which shows that in the era of digital economy, improving the financial supervision ability must keep pace with the times. This is not only the need for the healthy development of China's financial industry, but also provides "Chinese practice" and "Chinese experience" for international financial supervision.