After full preparation in the early stage, under the overall guidance of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission, the pilot work of financial technology innovation in the Guangzhou capital market has been implemented.

The official websites of Guangdong Securities Regulatory Bureau and Guangzhou Local Financial Supervision Bureau released the "Notice on Launching the Pilot Project of Financial Technology Innovation in Guangzhou Capital Market" (hereinafter referred to as the "Notice") on the evening of March 20, and officially solicited applications for pilot projects from institutions. The deadline for the selection of the first batch of projects is April 15, 2022.

The Guangzhou capital market fintech innovation pilot is another important fintech innovation pilot in Guangzhou after Guangzhou was approved as a national fintech innovation supervision pilot.

According to the "Notice", the scope of the pilot program covers market core institutions, securities and futures business institutions, securities and futures service institutions, regional equity market operators, fund custodian institutions and other institutions recognized by the China Securities Regulatory Commission.

Pilot institutions whose jurisdictions are registered or whose main office is located in Guangzhou may voluntarily apply to participate in the pilot work. Pilot institutions can declare independently or jointly declare. Pilot institutions and science and technology enterprises are encouraged to apply jointly; where a pilot institution and a science and technology enterprise jointly apply, the registration place of the science and technology enterprise is not limited, and the science and technology enterprise can be the lead applicant. At the same time, a pilot guidance mechanism will be established, specifically for technology companies that have not yet found a pilot institution to jointly apply for the pilot program, to help technology companies strengthen their understanding of the securities and futures market and improve the convenience for technology companies to participate in the pilot work.

The application project focuses on the technological empowerment of new-generation information technologies such as big data, cloud computing, artificial intelligence, and blockchain to various businesses in the capital market, in order to serve the real economy, improve market efficiency, strengthen compliance risk control, and enhance regulatory capabilities. , Guaranteeing financial security is application-oriented.

The incentive mechanism for the implementation of pilot projects will be included in the "Guangzhou Digital Financial Innovation Case Library", and the best ones will be pushed to participate in relevant innovation pilots and selection activities at the municipal, provincial and even national levels. At the same time, according to the relevant regulations of Guangzhou regional financial center construction, financial technology development, high-level financial talents, etc., rewards and subsidies will be given.

The pilot also set up a trial-and-error and fault-tolerant mechanism. The pilot project will be evaluated in stages, and if the expected effect is achieved and no obvious hidden risks are found, it can be transferred to regular operation. For institutions that fail to strictly implement the relevant requirements of the pilot, violate the commitment of the pilot, or engage in illegal activities with the help of the pilot work, the pilot program will be suspended or stopped as the case may be. At the same time, if an information security incident occurs during the pilot period of an innovative pilot project, which does not cause actual losses to investors or make reasonable compensation for the losses of investors, and does not have a significant impact on the smooth operation of the securities and futures market, the pilot institution may be given a lighter or exempted penalty.

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