作为人类历史上第四次产业革命的数字化必将导致金融的数字化和数字金融的平台化,通过创新金融模式、金融服务和市场结构,带来金融生态的巨变,同时也带来许多新型金融风险。数字化带来的金融生态的风险变化,不仅颠覆了传统金融制度的预设,而且使传统金融规制目标受挫与规制措施失灵。在金融数字化、平台化勃兴的当下,其风险治理应实行确保金融规制基本目标实现、自反迭代规制、重视功能与穿透性监管等基于原则的规制思路。在方略上,应实行动态灵活规制,采取窗口指导和试点项目等做法。在措施上,应实行针对性规制,与时俱进地开发出新型规制措施,并以数字技术赋能金融规制和监管。

With the advent of the digital era, the financial industry, as a pioneer in technological application, is undergoing a profound digital transformation. This transformation not only involves traditional financial institutions moving their operations online but also encompasses new financial models and businesses created by digital technologies, such as Initial Coin Offerings (ICOs) and crowdfunding, which have altered the traditional intermediary model of finance. The application of digital technologies, particularly big data, artificial intelligence (AI), and cloud computing, enables financial institutions to leverage broader data sources for more precise risk assessments, enhancing the inclusiveness and personalization levels of financial services. Financial digitalization and platformization have introduced a series of new risks, including data security and privacy risks, algorithmic risks, externalities, and systemic risks. These risks differ from traditional financial risks in terms of their mechanisms of emergence, breadth, and destructive power, far surpassing the levels in the pre-digital era. For example, digital technologies allow financial institutions to synthesize unprecedented financial assets or liabilities, potentially leading to new factors of financial instability. The impact of financial digitalization and platformization on traditional financial systems is significant. On one hand, the application of digital technologies disrupts the balance between market freedom and market regulation, undermining the objectives of traditional financial regulation. On the other hand, emerging financial models and businesses tend to be more opaque, making them difficult to regulate with conventional measures. Moreover, non-financial institutions and platforms that enter the financial sector often design business models to circumvent regulatory oversight, further complicating regulatory efforts. To address these challenges, a set of new approaches and measures for financial risk governance should be considered. Firstly, there is a need for a principle-based regulatory approach, including ensuring the realization of basic goals of financial regulation, implementing reflexive iterative regulation, and emphasizing functional regulation. Secondly, dynamic and flexible regulatory strategies should be adopted, such as window guidance and pilot projects. Finally, targeted regulatory measures should be developed, leveraging digital technologies to empower financial regulation and supervision. Financial digitalization and platformization have a profound impact on the financial industry, driving innovation in financial models and services while introducing new financial risks. To effectively manage these risks, financial risk governance systems need to be innovated to adapt to the challenges of the digital age. We can implement principle-based regulation, dynamic and flexible regulatory strategies, and targeted regulatory measures, to achieve a balance between financial innovation and risk prevention, ensuring financial stability while promoting the healthy development of the financial industry.