破壞式創新使資源較少、規模較小的 公司，能挑戰市場上經營已久、基礎深厚 的既有業者。全球的金融科技從開始發展 以來，都是由科技業而非金融業主導，金 融科技的新創事業特別是如此。正因如 此，這些金融科技新創事業，與其他共享 經濟的破壞式創新類似，和監理機關與監 理規範之間，都存在著一種不安定甚至是 緊張的關係。金融科技發展幾乎已經成為 主流的今曰，監理法規制度如何設計，才 能發揮監理的作用，又不致於妨害創新， 並創造與金融科技業者良性互動的環境， 將是金融科技發展成功的一塊重要拼圖。 金融科技的監理沙盒制度創建一個 「安全空間」，使金融科技新創事業可以 在監理機關監督下測試它們的新創產品、 商業模式及產品散布模式，而不會立即受 到現行法規的制約，並因其活動引發觸法 的疑慮而遭受法規上的不利益結果。它被 認為是在「監理必要性」與「不妨害創 新」兩者平衡之下，所產生的彈性監理制 度。新加坡身為新興的亞洲金融中心，過 去兩年積極建構金融科技的政策形成體 系，並成為繼英國之後，第二個推動金融 科技監理沙盒的國家。本研究將就新加坡 的金融科技政策形成體系與監理沙盒制度 做探討，以做為台灣制定金融科技發展策 略與設計監理法規的借鏡。

Disruptive imovation allows companies with relatively smaller size and limited resources to challenge long-existing enterprises with solid foundation in the market. As financial technology (FinTech) enterprises have been dominated by the tech-nology industry instead of financial service industry, similar to other disruptive innovation firms, there are tensions between these FinTech companies and financial regulators as well as related laws and regulations. Given the rapid development of Fin-Tech, designing a regulatory mechanism which gives consideration to effective regulation, assisting innovation and easing the tension between industry and regulators is one of the key elements to successfully establish a competitive FinTech industry. Fin-tech regulatory sandbox that is a Msafe space,? in which businesses can test innovative products, services, business models and delivery mechanisms without immediately incurring all the normal regulatory consequences of engaging in the activity in question. It is considered a regulatory mechanism which can best strike balance between effective supervision and encouraging innovation. Having become the new Asia financial center, Singapore, following U.K., laxmched the regulatory sandbox system for FinTech start-ups. This paper will probe into the formation Singapore^ FinTech policy and the operation of its regulatory sandbox so as to provide a model for the development of Taiwan^ FinTech strategy and regulations.