從新公共管理理論論我國金融科技監理架構之調適——以金融監理沙盒為中心

Abstract

有鑑於近年金融科技發展趨勢逐漸蓬勃，我國於2018年頒布金融科技發展與創新實驗條例，開始施行金融監理沙盒實驗，規劃出監管密度較低之試驗環境，供新創金融科技商品與服務進行試驗並進行相關法規調適，然而沙盒施行至今五年，與之雙軌併行的業務試辦機制卻較為受到業界青睞。本文以金融監理沙盒為觀察重心，首先於第二章爬梳國際間金融科技之創生與發展趨勢，並且彙整我國金融科技之監理現況，於此基礎進一步於第三章比較我國雙軌併行之金融監理沙盒及業務試辦制度各自之良窳，歸納出金融監理沙盒運作不如預期之主要原因有三：法規調適的實效性受質疑，監理機關以終為始的案件審查傾向，以及監理機關人力與資源不足。為回應金融監理沙盒之施行困境，本文第四章由行政學之組織理論與新公共管理觀點切入，指出我國金融科技監理機關於組織架構上與監理觀念上對金融監理沙盒所造成之限制。為有效改善上述問題，本文第五章提出金融監理架構的再思考方向，並指出公私協力之於金融科技監理之重要性，試圖針對金融科技監理架構之調適提供三個可能途徑：成立專責機關、設立特殊法人或是授權予自律組織，當中本文認為設立特殊法人係三者之中較為務實可行之方向，未來研究重點當置於如何具體增進監理機關之協作能力與加深公私協力觀念之落實。

In light of the growing development of FinTech in recent years, Taiwan promulgated the Financial Technology Innovation and Experiment Act in 2018 and began to implement the Fintech Regulatory Sandbox. However, the industry appears to favor the New Business Trial, the parallel to the FinTech Regulatory Sandbox. Accordingly, in this thesis I propose to study the function of the Fintech Regulatory Sandbox. In Chapter 2, I review the international trends of Fintech and summarize the current state of FinTech supervision in Taiwan. In Chapter 3, I further compare Taiwan's FinTech Regulatory Sandbox and New Business Trial, in which I summarize three main reasons to explain why the Fintech Regulatory Sandbox fails to function as expected. In response to the implementation dilemma, in Chapter 4, I start from the Organizational Theory in the Public Administration, particularly the theory of New Public Management, and point out the restrictions on the Fintech Regulatory Sandbox caused by the organizational structure of Taiwan's FinTech supervisors. To effectively improve the above problems, in Chapter 5 I propose to rethink the direction of Taiwan’s financial supervisory structure and point out the importance of Public-Private Partnerships in the supervision of FinTech. Specifically, I propose three potential ways for adjusting Taiwan’s supervisory structure for Fintech: establishing a special agency, establishing a special legal person, or delegating to a self-regulatory organization. Among these proposals, I advocate that the special legal person is the more practical and feasible direction. Future studies may focus more on how to deepen the implementation of Public-Private Partnerships.